FOREX UPDATE

The government has decided to allow companies that issued foreign currency convertible bonds (FCCBs) before November 27, 2008 to align conversion price as closer to the market price as possible.

The companies will now be able to revise their FCCB conversion price to the level of average weekly high and low share prices of the period of two weeks before the date of issue of securities. The relevant date of issue is determined by the board.