Kamat board OKs revision of conversion price for 5.5% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 12 - Kamat Hotels (India) Ltd.'s board of directors agreed to change the conversion price of the company's $18 million 5.5% foreign-currency convertible bonds to Rs. 135 per share, according to a company notice filed with the Singapore Exchange Ltd.

As previously reported, the company received shareholder approval of the change at an extraordinary general meeting on June 10.

The convertibles were issued in March 2007 with a conversion price of Rs. 225 per share.

Kamat is a Mumbai, India-based hotel and restaurant chain.

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