Deccan Chronicle allots shares on conversion of FCCBs

Deccan Chronicle Holdings Ltd has announced that the Board of Directors of the Company at its meeting held on December 06, 2006, has resolved that, in accordance with the terms of issue of US $54,022,000 Zero Coupon FCCBs of 54,022 bonds of US$ 1000 each by the Company, due 2010 and convertible at any time after April 2006 as approved by the shareholders of the Company at the third Annual General Meeting of the Company held on September 30, 2005, all other applicable provisions of the Companies Act, 1956 (including any statutory modification or re-enactment thereof for the time being in force), (Act) the provisions of all other applicable laws and regulations applicable there under, provisions in the Memorandum of Association and the Articles of Association of the Company and the Conversion Notices received from the Principal and Conversion Agent — JP Morgan Chase Bank NA, 500 FCCBs be converted into 41648 equity shares of Rs 10/ each at the agreed conversion ratio of 83296 shares per bond and allotted to:

Morgan Stanley & Company International Ltd, HSBC Custody & Clearing, Worli, Mumbai - 500 (No. of Bonds held) & 41648 (No of Equity Shares allotted).

Further the Company has informed that, the Board has allotted 41,647 Equity Shares of Rs 10/- each instead of 41,648 Equity Shares of Rs 10/- each as informed earlier".

Source : Equity Bulls

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