Foreign Currency Value

1. To issue, offer and allot on behalf of the Company, in one or more lots (including with provision for reservation on firms and / or competitive basis) of public or private offerings in domestic and / or international markets, through prospectus and / or offer letter or other permissible / requisite offer document, Foreign Currency Convertible Bonds (FCCBs), and /or American Depository Receipts (ADRs) / Global Depository receipts (GDRs) / other Depository receipts and / or Equity Shares/ Preference Shares / Fully Convertible Debentures / Partially Convertible / Non-Convertible Debentures / Optionally Fully Convertible Debentures / Bonds, or any other instruments (including shares without voting rights attached to them or global depository receipts), with or without detachable warrants, whether secured by way of creating charge on the assets of the company or unsecured, as may be decided by the Board of Directors, either in Rupees or in any such appropriate foreign currency as may be permitted by law for an aggregate value as may be decided by the Board of Directors of the Company with or without attachable or detachable warrants, securities in registered or bearer forms, to the Promoters / Directors, their Friends and Relatives and Associates / Group Companies, Members, Employees under Stock option Scheme and / or otherwise, Non-Resident Indians, Indian Public, Overseas Corporate Bodies, International Institutions, Foreign Institutional Investors / Foreign Companies, whether incorporated or not, Companies, Mutual Funds, Financial Institutions or other entities as may be allowed under applicable rules and regulations and to such persons (whether shareholders of the Company or not) by public issue, rights issue / private placements, preferential issues, bought out deals, reservations, firm commitments, employees stock option scheme or by any one or more of the above methods or by any other terms and conditions including the face value, premium amount, premium on conversion or at discount, provided that amount on conversion of convertible debentures shall be as per applicable SEBl guidelines which will be duly certified by the Auditors of the Company, number of conversions, number of tranches, exchange price for warrants / options, rate of interest, redemption period, manner of redemption, amount of premium on redemption / conversion, nature of security, manner of calls and other connected matters with authority to retain such over-subscription of the amount as may be permitted by law for an aggregate amount not exceeding USD 24.00 Million (with permissible green shoe option) or equivalent in Indian and or in any other currency(ies) (inclusive of such premium, as may be fixed on such equity shares) or upon such limit as may be permitted by the Ministry of Finance or Reserve Bank of India or such other Authorities which ever is higher, directly to Indian or Foreign investors whether institutions, incorporated bodies, mutual funds and or individuals or otherwise and whether or not such investors are members, promoters, directors or their associates of the company through public issues, rights issues, private placements, preferential allotment for cash or stock swap or acquisition of business / companies or a combination thereof at such time or times and in such tranches at such price or prices, at discount or premium to market price or prices in such manner and on such terms and conditions including security, rate of interest etc as may be decided and deemed appropriate by the board at the time of such issue or allotment considering the prevailing market conditions and other relevant factors wherever necessary in consultations with the lead managers and underwriters or through the subsidiaries so as to also enable the company to get listed at the Indian Stock Exchanges and Overseas Stock Exchanges / or such as Singapore, Luxemburg, London, Nasdaq and or New York Stock Exchange and or any other overseas stock exchange, subject to necessary provisions and approvals.

Soros on the cheap

BETTING on currencies may have helped George Soros get rich, but for most people it is a mug's game. Forecasters often get the direction of foreign-exchange movements wrong, never mind their magnitude. But there is evidence that investing in currencies can add value to a portfolio, even though it may seem to be a zero-sum game (because as one currency rises, another must fall).

The chance of earning an extra return arises thanks to the presence in the market of what economists might call "non-profit-maximising" participants—in other words, people with motives other than the best currency rate. Tourists are an obvious example: they tend to buy and sell during (or just before) their holidays and have to take exchange rates as they find them. Portfolio investors usually buy foreign assets because they like an individual security, not on the basis of expected currency movements.

Ringgit Records Nine-year High Of 3.44

KUALA LUMPUR, April 6 (Bernama) -- The ringgit today climbed to its highest value of 3.44 to the US dollar since the 1997/98 Asian financial crisis, following a continuous inflow of foreign funds to the country on positive economic factors. The local currency continued to gain support from foreign funds, probably due to the government's recent moves in improving the investment climate in the country. The ringgit, which has been pegged to a basket of currencies since the end of July 2005, reached an intra-day high of 3.4430 Friday, before closing at 3.4480/4500 against the greenback versus Thursday's closing of 3.4500/4510. Dealers said the ringgit also gained on the back of a weakeaning US dollar in the global markets on visible signs that the country's economy is slowing down. They felt it was also a knee-jerk reaction due to positive news that the stronger Chinese economy will likely stimulate a further appreciation in the yuan.

Pokarna Ltd allots FCCBs for US$ 15 million

Pokarna Ltd has announced that on the date, the Company issued and allotted Zero Coupon Foreign Currency Convertible Bonds ("FCCBs") with a maturity of 5 years and one day. The FCCBs were issued in the principal amount off US$ 12 and are convertible into ordinary shares of the Company at an initial conversion price of Rs 295.64 per share. The conversion price of the FCCBs may be adjusted in certain circumstances. The FCCBs have a 7.5% per annum yield to maturity (calculated on a semi-annual basis). The said issue was made at 32% premium to the reference date price.

The Company had previously obtained the approval of its shareholders to issue FCCBs up to a value of US$ 15 Million. These FCCBs will be listed on the Singapore Stock Exchange.

M/s. Standard Chartered Bank was the lead manager for this issue and M/s.

Foreign currency investments may be off mark

Everyone seems to hate something these days. Hate clowns? Meet your fellow haters at IHateClowns.com. Think cilantro is a noxious weed? Go to IHateCilantro.com. Hate the Red Sox? Head to Yankee Stadium.

In the short term, money tends to flow to the country with the highest interest rates. Those flows, in turn, drive currency values up and down. For example, Japanese investors who buy U.S. Treasury bonds have to convert yen into dollars to make the purchase.