43,000 CCDs Converted into 30,54,849 Equity Shares at Rs. 1,407.59 Each
43,000 Compulsorily Convertible Debentures of face value Rs. 1,00,000 each have been converted into 30,54,849 equity shares of face value Rs. 2 each.
- CCDs Converted
- 43,000 Compulsorily Convertible Debentures converted into 30,54,849 equity shares
- Conversion Price
- Rs. 1,407.59 per share at 16.50% discount to 7-trading-day VWAP
- Paid-up Capital Change
- From 854455957 shares to 857510806 shares
- Original CCD Issue
- 2,00,000 7.5% CCDs issued to QIBs in October 2023
- Listing Status
- New shares rank pari-passu and will be listed on BSE and NSE
What happened
The QIP Committee of the Board approved the conversion of 43,000 Compulsorily Convertible Debentures (CCDs) of face value Rs. 1,00,000 each into 30,54,849 equity shares of face value Rs. 2 each.
Background
- In October 2023 the company allotted 2,00,000 CCDs carrying a coupon of 7.5%, at an issue price of Rs. 1,00,000 per CCD, to eligible qualified institutional buyers.
- Under the Placement Document, any CCD still outstanding on the maturity date of 30 September, 2026 converts automatically and compulsorily into equity shares. This allotment is that mandatory conversion.
Conversion price
- Conversion price: Rs. 1,407.59 per equity share.
- This was computed at a 16.50% discount to the seven trading days volume weighted average price of the company's shares on NSE preceding 30 September, 2026, as per the original terms of the CCD issue.
Capital before and after
- Issued capital: from 855139727 shares to 858194576 shares.
- Paid-up capital: from 854455957 shares to 857510806 shares.
- In rupee terms, paid-up capital moves from 1708911914.00 to 1715021612.00.
Status of the new shares
The newly allotted shares rank pari-passu with existing equity shares in all respects, including dividends and voting rights, and will be listed on BSE Limited and the National Stock Exchange of India Limited.
How investors may read it
This is a pre-agreed, contractual conversion rather than a fresh fund-raise: the money came in back in 2023, and the debentures now become equity. It adds shares to the equity base, which marginally increases the share count, while removing the associated 7.5% debenture obligation for the converted portion.
More numbers
- CCDs converted43,000
- Face value per CCDRs. 1,00,000/-
- Equity shares allotted30,54,849
- Face value per equity shareRs. 2/-
- Conversion price per shareRs. 1,407.59/-
- Discount to 7-day VWAP16.50%
- CCDs originally allotted (Oct 2023)2,00,000
- CCD coupon rate7.5%
- Issued capital before allotment855139727
- Issued capital after allotment858194576
- Paid-up capital before allotment854455957
- Paid-up capital after allotment857510806
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