As per the terms of the issue of warrants, the warrants shall be converted at an exercise price which is  to be calculated as below:

Warrant exercise price shall be at a discount of 20% to the market price subject to a minimum of Rs.10/-.

Market price is calculated as :

Market Price (as adjusted for share split or issue of bonus shares)

Shall be the higher of the following:

a)      The average price of the Equity Shares of the company computed as the average of the weekly high and low of the closing prices of the shares of the Company during the six months immediately preceding the month in which the exercise price is announced. The said high and low closing prices shall be the prices quoted on the exchange where the highest volumes of the shares of the company are recorded during the said period.

b)      Average of the weekly high and low of the closing prices of the related shares during the two weeks preceding the month in which the exercise price is announced. The said high and low closing prices shall be the prices quoted on the exchange where the highest volumes of the shares of the company are recorded during the said period.

Provided further, that in the event of any share split or issue of bonus shares by our Company, the Issue Price stated above shall be adjusted accordingly, for the purpose of arriving at the applicable discount to the Market Price for Warrant Exercise. The applicable exercise price is  valid for period of three months.

For the 3(third) warrant conversion period, the exercise price is  Rs. 77.54.

Hence, the exercise price is fixed at the time of opening of the exercise window.