Mumbai, Aug. 26 -- Jain Resource Recycling has proved the conversion of an outstanding loan of AED 1,70,64,000 (equivalent of about Rs 44.50 crore) advanced by the Company to Jain Ikon Global Ventures FZC, UAE/Sharjah (Jain Ikon), into equity shares of Jain Ikon, pursuant to the terms agreed between

the parties.

Pursuant to the proposed conversion, the Company's shareholding in Jain Ikon will increase from the existing 70.00% to 99.74% of the equity share capital of JAIN IKON.

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