Deccan Cements Limited has informed the Exchange regarding Notice of undefined to be held on Jun 13, 2026
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Deccan Cements Limited is seeking shareholder approval via postal ballot for issuance of 14,40,559 Compulsorily Convertible Debentures (CCDs) at INR 715 per CCD, raising up to INR 103 crore. The CCDs carry a 6% p.a. coupon and will compulsorily convert into an equal number of equity shares (face value INR 5, premium INR 710) within 18 months. Allotment is to five Neo-branded Alternative Investment Funds (AIFs) — Neo Credit Opportunities Fund I, Neo Special Credit Opportunities Fund, Neo Special Credit Opportunities Fund II, Neo Special Credit Opportunities Fund II A, and Neo Prime Fund — on a preferential/private placement basis. Post-conversion, these allottees will hold 9.33% of the expanded equity capital. Promoter holding will dilute from 56.25% to 51.00%. Proceeds are earmarked for repayment of existing term loans and related liabilities. Voting runs from 15 May 2026 to 13 June 2026, with results on 14 June 2026.
Existing shareholders will experience dilution of approximately 5.25 percentage points in their holding upon full conversion of CCDs. No change in control is expected as promoters' majority stake is maintained. The company's debt burden related to term loans is expected to reduce, which could be positive for the balance sheet.