India's Kohinoor Foods says holders of 1% convertibles must convert their securities

By Devika Patel

Knoxville, Tenn., March 28 - Kohinoor Foods Ltd. announced that holders of its $20 million outstanding 1% unsecured convertible bonds due 2010 must convert 50% of their holdings into shares by the close of business on March 28. The securities were issued in 2005.

The company announced on Feb. 27 that the volume weighted average price of its shares was above Rs. 110.50 (130% of the Rs. 85 conversion price) from Jan. 1 through Feb. 7, thus satisfying the offering circular's conditions for mandatory conversion. In its February announcement, Kohinoor Foods gave holders a 30-day notice to convert half of their securities.

New Delhi-based Kohinoor Foods exports basmati rice.

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