Kohinoor Foods says all remaining 1% convertibles will be converted on April 22

By Devika Patel

Knoxville, Tenn., April 21 - Kohinoor Foods Ltd. announced that it will issue shares in exchange for all of its outstanding 1% unsecured convertible bonds due 2010 on April 22. 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 30 days' notice to convert half of their securities. It said on March 28 that holders had until the close of business that day to convert 50% of their holdings.

New Delhi-based Kohinoor Foods exports basmati rice.

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