LIC to redeem 50% OFCDs of Alok Inds

Life Insurance Corporation of India (LIC), as per its letter dated March 09, 2005, has decided to exercise optionally fully convertible debentures (OFCDs) of Alok Industries to the extent of 50% of the total exposure i.e. Rs 14.50 crore.

According to a release issued by Alok Industries to the BSE, LIC has decided to exercise the option of conversion on March 24, 2005 at a conversion price of Rs 55.67 per share as per the SEBI guidelines.

The 29,00,000 OFCDs aggregating to Rs 29 crore were issued and allotted to LIC on March 31, 2004, the release added.