Kalpena Industries to issue 950000 CCDs to 2 PE funds

Kalpena Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 16, 2009, has approved agreements to issue 9,50,000 (Nine Lac Fifty Thousand) Compulsory Convertible Debentures (CCD) to 'Banyan Tree Growth Capital' and 'Financierings Maatschappij voor Ontwikkelingslanden NV', two private equity funds (Institution) at a offer price not exceeding INR 97/- per CCD, convertible into one equity share of Rs 10/- each, subject to such final pricing of CCD and conversion formula to be further decided by the Board of Directors in its ensuing meeting(s) and subject to the approval of the Shareholders of the Company in the General Meeting, in principle approval of the Stock Exchanges in this regard and other issue related guidelines framed by Securities and Exchanges Board of India and subject to the provisions of Foreign Exchange Management Act' 1999 and ruled framed thereunder with regards to issue and pricing of CCD and guidelines issued by the Reserve Bank of India in this regard.

Source : Equity Bulls

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