Buying price with warrant to equity conversion

Today (18/Oct/17) “Shivalik rasayan” board approved warrants to equity. Below is what is mentioned in the report

“The Board of Directors at their meeting held today has approved the conversion of 788000 convertible warrants into Equity Shares at a price of Rs 296/- per share including a premium of Rs 286/- each.”

Does this mean that buying price for each share is 582 ?

Clarified from bse filing on 19th Aug . 296 includes premium of 286.