Pioneer Embroideries Ltd has informed that the Company had issued FCCBs to Lehman Brothers Intl Europe. As per the terms and conditions of FCCBS, they have intimated the Company for conversion of FCCBS to the extent of USD 20 Lacs in to Equity shares. The Company in its Board meeting held on January 29, 2008 has allotted 3,94,356 Equity Shares of Rs 10/- each to Lehman Brothers Intl Europe at the conversion price of Rs 223.96 per share against the conversion of FCCBS. The conversion rate as per FCCBs terms and conditions 1USD = Rs 44.16.
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