GHCL - Allotment of equity shares against conversion of FCCBs

GHCL Ltd has informed that the Banking and Operations Committee of the Board of Directors in its meeting held on December 05, 2007 allotted 143,625 Equity Shares of Rs 10/- each at a premium of Rs 149.5748 for cash against conversion of USD 0.50 million FCCBs to the bondholder.

These Equity Shares so allotted will rank pari passu with the existing Equity Shares of the Company in all respects.

With this allotment, the Paid up Share Capital of the Company stands increased from Rs 99,58,84,110/- (rupees ninety nine crores fifty eight lacs eighty four thousands one hundred and ten) divided into 9,95,88,411 (nine crores ninety five lacs eighty eight thousands four hundreds and eleven) Equity Shares of Rs 10/- (rupees ten) each to Rs 99,73,20,360/- (rupees ninety nine crores seventy three lacs twenty thousands three hundred and sixty) divided into 9,97,32,036 (nine crores ninety seven lacs thirty two thousands and thirty six) Equity Shares of Rs 10/- (rupees ten) each.

Further the Company has informed that, out of USD 80.50 million of FCCBs the Company has converted USD 0.50 million into equity shares and therefore the outstanding FCCBs due for conversion is USD 80.00 million.