Notice of Postal Ballot and Calendar of Events
DECCANCE · price
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Deccan Cements is seeking shareholder approval via postal ballot for issuing 14,40,559 Compulsorily Convertible Debentures (CCDs) at INR 715 each, raising INR 103 crore. The CCDs will be allotted to five Neo-branded Alternative Investment Funds (AIFs) on a preferential basis. Each CCD converts into one equity share (FV INR 5) within 18 months at a conversion price of INR 715. The 6% p.a. coupon is payable monthly. The funds will be used to repay existing term loans and related liabilities. Post-conversion, the allottees will hold 9.33% stake while promoter holding reduces from 56.25% to 51%. Voting runs from 15 May to 13 June 2026.
Promoter holding will dilute from 56.25% to 51% post-conversion, reducing their majority buffer. However, control remains with promoters. The 9.33% stake going to AIFs introduces new institutional shareholders. The debt-to-equity conversion simplifies the balance sheet by retiring term loans.