| The continuous conversion of foreign currency convertible bonds (FCCB), floated by the company in 20004-05 for $260,000 and taken by these two foreign companies, has brought about this situation. |
| The Indian promoters' sharholding, according to information sent to stock exchanges by the company, was 49.93 per cent on December 31, 2004, with no shareholding of foreign companies or even foreign banks. |
| But by September 30, 2005, the holding of the Indian promoters had come down to 44.45 per cent and that of Morrington Investments, the foreign company, had risen to 9.18 per cent. |
| Morrington, an investment arm of Credit Suisse, had taken 4,500,000 shares. Another body whose promoters have not been identified is Saraswati Trading, which is listed as NRI/OCB. |
| However, by June 30, 2006, the percentage shareholding of the Indian promoter group fell to 32.08 per cent; that of Merrill Lynch rose to 10.01 per cent or 6,801,604 equity shares. |
| Morrington Investments held 6.63 per cent or 4,500,000 shares, Credit Suisse had acquired 1,451,826 shares for 2.14 per cent and Saraswati Trading Co had a holding of 4.02 per cent, for 2,728,706 shares. |
| Since June 30, 2006, Credit Suisse has been allotted 2,797,427 equity shares of Rs 10 each at a premium of Rs 31.10, through the conversion of 2,000 FCCBs, and Merrill Lynch has been allotted 2,797,427 equity shares of Rs 10 each at a premium of Rs 21.10, a share for a similar number of FCCBs. |
| Thus, today the Indian promoters hold 2,17,87,326 shares and the foreign bodies, including Saraswati Investments, besides Credit Suisse, Morrington Investments and Merrill Lynch, own 2,10,76,999 shares; minus Saraswati, the collective holding of three other bodies is 1,83,48,284 equity shares. |
| The next conversion is due next month, when the foreign companies' holding is expected to be about at par with the Indian promoters. |
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