On conversion of FCCBs
Castex Technologies announced that pursuant to the Company's Mandatory Conversion Notice (MCN) dated 31 July 2015 and in accordance with the conditions laid down in the bond documents, the Company has received conversion notices of US $ 80.2 million. The balance US $ 0.6 million is also being converted by the Company in accordance with the MCN and the conditions laid down in the bond document.The Allotment Committee of the Board of Directors of the Company in their meeting held on 10 September 2015, allotted 3,94,05,266 equity shares of Rs. 2/- each at the fixed conversion price of Rs. 103.005/- per share, thereby effecting the conversion of the outstanding Bonds worth US $80.8 million out of the US $130 million 6% FCCB issue.
The Company has already converted bonds of US $ 49.2 million pursuant to various conversion notices received voluntarily in the past. Hence, with the present allotment of shares pursuant to conversion of bonds of US $ 80.8 million, the issue of US $130 million 6% FCCB has fully been converted into shares of the Company which has resulted in the conversion of debt of US $130 million into equity.
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