Board approves USD 100 million FCCB issue

Board & Shareholder Meetings View source PDF

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AI summary

Board approved 1,000 unsecured FCCBs at USD 100,000 each, totalling USD 100 million (about INR 952 crore), at 2% annual coupon and 15% discount. Maturity July 9, 2031. Issue opens July 6, 2026 on Afrinex Mauritius. Conversion price fixed at INR 3.60 per share, potentially issuing around 264.55 crore equity shares on full conversion.

Likely market impact

Major equity dilution risk on conversion at low INR 3.60 price. Raises about INR 952 crore but spreads shareholding significantly.