Board Allots 37,50,000 Compulsorily Convertible Debentures Worth Rs. 1,50,00,00,000 to Two Non-Promoter Investors

Board has allotted 37,50,000 Compulsorily Convertible Debentures (CCDs) on a preferential, private placement basis.

Fri 25 Sep 2026

Total Fundraise Amount

Rs. 1,50,00,00,000 (Rs. One Hundred and Fifty Crores)

Face Value per CCD

Rs. 400 per CCD

Number of CCDs Allotted

37,50,000 Compulsorily Convertible Debentures

Coupon Rate

12% per annum

Conversion Terms

Each CCD converts into one equity share of Re. 1 face value, after 12 months and within 18 months of allotment

What was decided

The Board, at its meeting on September 25, 2026, approved the allotment of 37,50,000 Compulsorily Convertible Debentures (CCDs), fully paid-up and unsecured, at a face value of Rs. 400/- per CCD, aggregating Rs. 1,50,00,00,000.

The issue is a preferential issue on a private placement basis, made after Board approval on August 10, 2026, a shareholders' special resolution at the EGM on September 05, 2026, and in-principle approvals from BSE and NSE received on September 11, 2026.

Who is getting them

• Anchorage Capital Scheme-III (AIF Category II), Non-Promoter: 20,00,000 CCDs for consideration of 80,00,00,000
• AADI Financial Advisors LLP, Non-Promoter: 17,50,000 CCDs for consideration of 70,00,00,000

Both allottees held nil shares before this issue. Number of investors: 2.

Conversion terms

Each CCD is compulsorily convertible into an equivalent number of fully paid-up equity shares of face value Re. 1/- each, any time after 12 months and before completion of 18 months from the date of allotment.

After conversion, Anchorage Capital Scheme-III would hold 20,00,000 shares (1.07%) and AADI Financial Advisors LLP would hold 17,50,000 shares (0.94%).

Cost of the instrument

The CCDs carry a coupon rate of 12% per annum until conversion.

How to read it

This brings in Rs. 1,50,00,00,000 of funding from two non-promoter investors. Because the debentures must convert into equity, existing shareholders will see some dilution on conversion — the two investors together would hold about 2.01% of the expanded capital. Until conversion, the instrument carries a 12% annual coupon.

Meeting timing

The Board meeting started at 10.30 am and concluded at 10.45 am.

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