ISMT allots FCCBs

ISMT Ltd has announced that the Committee of Board of Directors (CoD) of the Company at its meeting held on November 30, 2006 has allotted 0% Foreign Currency Convertible Bonds aggregating to US $ 20 Million to M/s. J P Morgan Securities (Asia Pacific) Ltd as below:

1. Bond Series: (A), - 4876146: (No. of Bonds), - US$ 2.0508: (face Value of each Bond), - 10 Million: (Aggregate Value in US $)

2. Bond Series: (B), - 3668648: (No. of Bonds), - US$ 2.7258: (face Value of each Bond), - 10 Million: (Aggregate Value in US $)

Each Bond in Series A would be convertible into one Equity Share of Rs 5/- each fully paid of the Company at a price of Rs 92/- per Equity share and each Bond in Series B would be convertible into one Equity Share of Rs 5/- each fully paid of the Company at a price of Rs 122.28 per Equity Share subject to the terms and conditions of the Subscription Agreement executed between the Company and M/s. J P Morgan Securities (Asia Pacific) Ltd.

In case of non conversion of the Bonds until December 01, 2011, the said Bonds will be redeemed at a Premium of YTM @ 6 Months US $ LIBOR plus 2%.

Source : Equity Bulls

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