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What would be the effect of Outstanding FCCB on Equity dilution?

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What would be the effect of Outstanding FCCB on Equity dilution?

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ISMT has raised Zero Percent FCCB amounting to USD 20 Million convertible into 85.45 Lac equity shares at an average price of Rs. 105 per share within a period of 5 years from date of issue. No conversion has taken place up to 31st March 09.

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