Friday, February 15, 2008

Uttam Galva - Outcome Of Board Meeting

Uttam Galva Steels Ltd has informed that the Board of Directors of the Company at its meeting held on February 13, 2008, has taken the following decisions:

- Pursuant to Special Resolution under Section 81(1A) of the Companies Act, 1956, at the Extra Ordinary General Meeting of the Company held on June 15, 2005 and in-principal approval received from stock exchanges, provisions of Offering Circular dated August 04, 2005 and Trust Deed dated August 09, 2005; 5,000,000 Bonds are converted into 48,23,803 Equity Shares of Rs 10/- each and be allotted to Citigroup Global Markets Ltd at the reset conversion price of Rs 45.12 with a fixed rate of exchange USD 1 = 43.53 ranking pari passu with the existing equity shares of the Company.

(i) Name of the Bond Holder: Merrill Lynch Capital Markets Espana S.A. SV

- Bond : 2,000,000

- Equity Shares : 1,929,521

(ii) Name of the Bond Holder: Plexus Fund Ltd

- Bond : 3,000,000

- Equity Shares : 2,894,282

No comments: