Simbhaoli Sugars - Outcome Of Board Meeting

Simbhaoli Sugars Ltd has informed that the Board of Directors of the Company at its meeting held on March 31, 2008, inter alia, has transacted and approved the following:
1. The Company has refixed the conversion price to Rs 153/- from Rs 170/- per equity share of Rs 10/- each for conversion of 0% Foreign Currency Convertible Bonds (FCCB) issued on March 10, 2006 (due on March 11, 2011) with effect from reset date March 10, 2008 in accordance with the subscription agreement entered into with the bond holders.
2. The Company has issued and allotted 7,46,000 equity shares of Rs 10/- each to M/s. Dholadhar Investments Pvt Ltd, a warrant holder against conversion of 7,46,000 warrants at an exercise price of Rs 42.55/- per equity share (including premium of Rs 32.55 per equity share) in accordance with the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000 for preferential issue.

Simbhaoli Sugars - Outcome Of Board Meeting

Simbhaoli Sugars Ltd has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved to issue and allotment of 19,00,000 warrants to M/s. Dholadhar Investments Pvt Ltd and 12,00,000 warrants to M/s. Pritam Singh Sandhu Associates Pvt Ltd aggregating to 31,00,000 warrants, pursuant to the Scheme approved under corporate debt restructuring arrangement (CDR). These warrants are convertible into 31,00,000 equity shares of Rs 10/- each the share capital of the Company at a price of Rs 42.55 per equity share under the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000 for preferential issue.