Vardhman Polytex - Outcome Of EGM

Vardhman Polytex Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on June 09, 2007, have approved the issue of Foreign Currency Convertible Bonds (FCCBs) to the tune of US $ 15 millions. However, as per the suggestion of the lead managers, the Company at present proposes to issue FCCBs to the tune of US $ 10 millions with green shoe option of US $ 2 millions. The said FCCBs are convertible into Equity Shares of Rs 10/- each of the Company, as per the following details:- Denomination of FCCBs: US $ 100,000 per bond- Estimated Conversion Price (Tentative): Rs 106.86- USD / Rs Fixed Rate (at present). The final rate of exchange of currency will be at the time of the closing of the issue: Rs 40.60 / USD- Conversion Right: At the option of InvestorAccordingly, 56,99,045 new equity shares of the Company are to be issued on the conversion of said FCCBs of US $ 15 millions.