Paramount Communications to consider allotment of shares on conversion of ZCCWs

Paramount Communications Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 14, 2007, inter alia, to consider and allot 1,35,00,000 fully paid up equity shares of Rs 2/- each (post split) to the Zero Coupon Convertible Warrant (ZCCWs) holders upon conversion of 27,00,000 ZCCWs into equity shares of the Company.

Further the Company has informed that, the said 27,00,000 ZCCWs were issued on September 15, 2005 and are convertible into equity shares of Rs 10/- each (pre-split) on one to one basis however, the number of shares to he issued upon conversion of said ZCCWs into equity shares has been calculated after adjustment on account of sub-division of face value of each equity share from Rs 10/- each to 5 equity shares of Rs 2/- each.

Source : Equity Bulls

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