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MUMBAI: Alok Industries Ltd has informed the Bombay Stock Exchange that the Life Insurance Corporation of India has decided to convert the optionally fully convertible debentures (OFCDs) to the extent of 50 per cent of the total exposure, which is Rs 14.5 crore.

The company was informed that LIC would exercise the conversion option on March 24. The conversion price works out to Rs 55.67 per share.

On March 31, 2004, there were 29 lakh OFCDs, aggregating to Rs 29 crore, issued and allotted to LIC.

Alok Industries has also said that it will proceed with the issue and allotment of 26.05 lakh equity shares at a face value of Rs 10 each for cash at a premium of Rs 45.67 per share arising out of the above conversion by convening an executive committee meeting of the company's board on March 24.

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