The Board considered and approved the allotment of 75,00,000 (Seventy-Five Lakh) Equity Shares of face value Rs.2/- each of the company, upon receipt of conversion notice from the bond holders for conversion of 6 Nos , 1% Unsecured Foreign Currency Convertible Bonds, (FCCBs) of US$ 100,000 each (Converted at 1 US$1=INR 65) based on the terms laid out in the offering circular dated 09th July 2018, at an issue price of Rs. 5.20/- (Rupees Five and Paise Twenty only) , calculated based on the pricing formulae as prescribed in the afore mentioned Offering Circular. It is further informed that the minimum price for allotment of shares as per SEBI Regulations is Rs. 5.18 per share as certified by the statutory auditors.