During January, the Company issued 14,50,000-12% secured convertible debentures of Rs 100 each as follows: (i) 2,90,000 debentures to the resident and non-resident shareholders of the promoter companies (all were taken up). (ii) 72,500 debentures to employees (only 4,950 debentures taken up). The remaining 10,87,500 debentures, along with 67,550 debentures not taken by employees, were offered to the public. All were taken up. Part-A of Rs 20 of each debenture was to be converted into 2 equity shares of Rs 10 each at par upon allotment of debentures.