The company had in 2004 issued FCCB worth $100 million, comprising of 0.5 per cent FCCBs of $10,000 each, including the Green Shoe Option.
Till date out of 10,000 bonds, 9,467 bond of $10,000 each have been converted into 21,061,753 equity shares of Re 1 each of the company. All these shares have been listed on BSE, NSE and CSE.
Moreover, as per the terms and conditions of the Bonds detailed in the Offering Circular dated April 20, 2004, the initial conversion price of Rs 197.235 was subject to adjustment in certain events as specified, which include the demerger of business undertakings of the company.
The reset price will be applicable for all conversion requests that may be received by the company on or after April 18, 2008. The exchange rate to be considered for the purpose of conversion shall remain the same at Rs 43.880 for $1.