Blue Coast Hotels Limited has informed the Exchange regarding Outcome of Board Meeting held on May 13, 2026.
BLUECOAST · price
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Blue Coast Hotels' Board approved the conversion of 2,48,710 Compulsorily Convertible Preference Shares (0.01% CCPS) into 24,87,100 equity shares of Rs. 10 each. All allottees are promoter group entities (11 companies including Solace Investments, Mid-Med Financial, Square Investments, etc.), each receiving 22,610 CCPS that convert to 2,26,100 equity shares. This conversion increases the company's paid-up equity share capital to Rs. 19,67,95,570 comprising 1,96,79,557 shares. The Board also re-appointed M/s Sidharth K Agarwal & Co. as Internal Auditor for FY 2026-27.
This preferential allotment to promoters via CCPS conversion will dilute existing shareholders' stakes. The promoters are converting their preference shares to equity, increasing their combined holding in the company. No fresh capital is being raised as this is a conversion of existing instruments.