BRIEF-Ambac Financial enters into debt for equity exchanges with certain holders

June 17 (Reuters) - Ambac Financial Group Inc:

* Entered into debt for equity exchanges with certain holders of company's

9(3)/8% debentures, due August 2011

* Says issued an aggregate of 4,810,355 shares of its common stock in exchange

for $8.112 million of debentures

* Says following completion of exchange offers it will have 293,420,336 shares

of common stock outstanding

* Says agreed to issue 225,713 additional shares exchange for additional

$388,000 in principal amount of debentures

((Bangalore Equities Newsroom; [phone]; within U.S. [phone]))

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