Board approves conversion of 145,010 CCDs and allotment of 10,32,09,960 equity shares

Board approved conversion of 145,010 compulsorily convertible debentures (CCDs).

Thu 8 Oct 2026

CCDs converted

145,010

Equity shares allotted

10,32,09,960

Conversion price

Rs.140.50 per share, including premium of Rs. 139.50

What was announced

The Board of Directors on October 8, 2026 approved the conversion of 145,010 compulsorily convertible debentures (CCDs) and the allotment of 10,32,09,960 equity shares of face value Re. 1 each.

The conversion price is Rs.140.50 per equity share, including a premium of Rs. 139.50 per equity share.

How the price was set

The conversion price was determined using the formula prescribed in the placement document, at a discount of 13.83% to the seven trading days volume weighted average price (VWAP) of the shares on the NSE preceding October 1, 2026. It is higher than the minimum conversion price of Rs. 126.67 per equity share, being the floor price proportionately adjusted for the bonus issue of equity shares in the ratio of 1:2 with record date July 18, 2025.

Background of the CCDs

• The company had allotted 1,50,000 6.50% unsecured, unrated, listed compulsorily convertible debentures of face value Rs. 1,00,000 each, aggregating to Rs. 1,500,00,00,000 (Rupees One Thousand Five Hundred Crores), to eligible qualified institutional buyers at an issue price of Rs. 1,00,000 per CCD.
• Holders were entitled to exercise the option to convert the CCDs into equity shares on or after September 30, 2026.
• Applications were received from 08 (eight) CCDs holders during the optional conversion window from October 1, 2026 to October 7, 2026.

What changes for shareholders

• The new equity shares rank pari passu with the existing equity shares in all respects, including as to dividend and voting rights, and will be listed on BSE Limited and the National Stock Exchange of India Limited.
• Issued, subscribed and paid-up capital moves from 10,55,44,42,601 shares to 10,65,76,52,561 shares of face value Re. 1 each.
• The converted CCDs stand redeemed and extinguished pursuant to the allotment.

What remains outstanding

4,990 CCDs of face value of Rs. 1,00,000 each remain outstanding. To the extent not converted earlier at the option of the holders, these will be compulsorily and automatically converted into equity shares on September 20, 2027, the compulsory maturity date.

Cash payments to holders

Any residual fractional amount arising on conversion, and any interest accrued but unpaid on the CCDs till the date of conversion, will be paid in cash to the relevant converted CCDs holders within seven (07) working days from the date of conversion.

How to read this

This is a step in a funding structure the company had already disclosed, where debentures convert into equity over time. The conversion increases the number of equity shares in issue, so each existing share represents a smaller slice of the company. The newly allotted shares carry the same rights as existing shares, including dividend and voting rights. A small set of CCDs is still outstanding and is scheduled to convert in September 2027.

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