Castex Technologies informs about allotment of equity shares

Revent Metalcast Ltd. | Auto Ancillary | Automobiles | BSE: 532282 | NSE: CASTEXTECH

25 Sep 2015 Evaluate

Castex Technologies has informed that pursuant to the company’s Mandatory Conversion Notice (MCN) dated July 31, 2015 and in accordance with the conditions laid down in the bond documents, the Company has received conversion notices of $ 7.8 million. The balance $ 48.80 million are also being converted by the Company in accordance with the MCN and the conditions laid down in the bond document. The Allotment Committee of the Board of Directors of the Company in their meeting held on September 25, 2015, allotted 3,06,83,403 equity shares of Rs 2 each at the fixed conversion price of Rs 103.005 per share, thereby effecting the conversion of the outstanding Bonds worth $ 56.60 million out of the $ 70 million 2.5% FCCB issue. The Company has already converted bonds of $ 13.40 million pursuant to various conversion notices received voluntarily in the past. Hence, with the present allotment of shares pursuant to conversion of bonds of $ 56.60 million, the issue of $ 70 million 2.5% FCCB has fully been converted into shares of the Company which has resulted in the conversion of debt of $70 million into equity.

The above information is a part of company’s filings submitted to BSE.