Dolphin Offshore - Conversion of FCCBs into equity shares

Dolphin Offshore Enterprises India Ltd has informed BSE that the Company has received Conversion Notices through The Bank of New York Mellon from: -

1. Clearwater Capital Partners (Cyprus) Ltd. for converting 288 Foreign Currency Convertible Bonds (FCCBs) of USD 1,000/- each and

2. Clearwater CP CLO I Pte. Ltd. for converting 1775 foreign Currency Convertible Bonds (FCCBs) of USD 1,000/- each.

Accordingly, the Managing Committee of the Company at its meeting held on October 27, 2009 allotted 81,158 Equity Shares of Rs. 10/- each to Clearwater Capital Partners (Cyprus) Ltd. for cash at a premium of Rs. 151/- and 5,00,197 Equity Shares of Rs. 10/- each to Clearwater CP CLO I Pte Ltd. for cash at a premium of Rs. 151/- by conversion of Bonds worth USD 2,063,000 (US Dollar Twenty Lakhs Sixty Three Thousand). The status of FCCBs is as under:

Initial Issue USD 15,000,000
First Conversion USD 3,000,000
Second conversion USD 3,495,000
Third Conversion USD 2,063,000

Balance to be converted USD 6,442,000.