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Outcome of Board Meeting

| Updated on September 28, 2011 Published on September 28, 2011

Gallantt Ispat Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 28, 2011, inter alia has decided to issue and allot upto 25,00,000 Zero Coupon Fully Convertible Unsecured Debentures (hereinafter referred to as the "FCDs"), to be converted into Equity Shares within a period of Eighteen Months, of face value of Rs. 10/- each at a price of Rs. 160/- each (including a premium of Rs. 150/- each).

As per the provisions of Regulation 76(1) of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 Company is eligible to issue FCDs at a price of Rs. 160/- (including a premium of Rs. 150/-) to NRIs/ Strategic Investor/Other applicants on preferential allotment basis, subject to the approval of the members of the Company by way of special resolution as required to be passed under the provisions of the Companies Act 1956 as well as such other provisions of SEBI (Issue and Capital and Disclosure Requirements) Regulations, 2009 and such other approvals, consent, sanction etc. as may be required for this purpose.

Source : BSE - >www.bseindia.com

Published on September 28, 2011
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