Update on Disclosure under Reg 30 of SEBI(LODR)- Allotment of Equity shares pursuant to conversion of Debentures (OCD).
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Awaiting price reaction for this filing.
CIAN Agro has informed BSE that it received 12 equity shares of Manas Power Ventures Private Limited on conversion of Optionally Convertible Debentures (OCDs) into equity. The shares carry a face value of Rs. 10 with an unusually high premium of Rs. 2,33,29,990 per share, aggregating to Rs. 27,99,60,000 (approx Rs. 28 crore). The board approved the allotment on August 7, 2025 and the return of allotment was filed on August 8, 2025. Manas Power Ventures is a wholly-owned subsidiary of CIAN and an SPV set up for acquiring Ideal Energy Projects Ltd under the Insolvency & Bankruptcy Code. The target has NIL turnover for the last three years and a paid-up capital of only Rs. 5,180. The transaction is a related party deal (a relative of CIAN's MD is a director in the target) but was carried out at arm's length.
This is essentially a conversion of existing debentures into equity in CIAN's own subsidiary rather than a new external deal. The extremely high per-share premium reflects the underlying IBC asset value rather than current operations. Shareholders should note that the company continues to deploy capital into its power/energy SPV, but no new acquisition or open offer is triggered by this filing.