Kolkata, December 12th 2007.Gujarat NRE Coke had issued, on March 15th 2005, US$55,000,000, 1% unsecured convertible bonds bearing ISIN No. XS0214624388,due in 2010.
As on date, 90.5% of the aggregate principal amount of the bonds originally issued, having a value of US$ 49,775,000 have been converted by the company upon receipt of conversion notices from bond holders leaving balance bonds having principal amount of US$ 5,225,000.
As the bonds outstanding constitute less than 10 % of the aggregate principal amount originally issued, the company is eligible to exercise its option for Mandatory Conversion of outstanding bonds in terms of Clause 5.6 of the terms and conditions of the bonds as stipulated in the Offering Circular subject to obtaining various necessary approvals and complying with the requirements of the said clause.
For More Information Contact :
Mr. Manoj K Shah
Company Secretary
Mobile - 9874249426.
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