Optionally Convertible Cumulative Preference Shares (OCCPS) Partial redemption done that is due till 31st March 2025 , now remaining OCCPS redemption will starts from FY 2027-28 and ends ....
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Brahmaputra Infrastructure has completed the partial redemption of 78,86,957 OCCPS (out of 5,69,89,216 originally allotted) at Rs. 33.63 per share, aggregating Rs. 26.52 crores, which was due on or before 31st March 2025. These OCCPS were originally issued in September 2023 to a consortium of lender banks at Rs. 33.63 each against unsustainable debt of around Rs. 191.65 crores under a debt resolution plan. The redemption was funded from the company's accumulated reserves and surplus. The 18-month conversion window for OCCPS expired on 28th March 2025 with no holder exercising conversion, so the remaining OCCPS will now be redeemed in 4 equal quarterly instalments per year from FY 2027-28 to FY 2033-34.
Shareholders can take comfort that no equity dilution occurred since OCCPS holders did not convert their shares into equity. However, using reserves for Rs. 26.52 crore redemption may modestly impact the company's liquidity, and the long redemption tail of remaining OCCPS until FY 2033-34 keeps a contingent obligation hanging over the balance sheet.