Convertible preference shares allotted for Metals International share swap
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John Cockerill India allotted 35,185 non-cumulative, non-voting convertible preference shares to John Cockerill SA for INR 204.17 crore. The shares were issued at a premium to acquire 79.44% of John Cockerill Metals International SA through a share swap. Each converts into 10 equity shares within 18 months or earlier at the holder's option. Full conversion would raise the investor's stake from 70.33% to 72.30%.
The swap advances the Metals International acquisition but will dilute existing shareholders if all preference shares convert into 351,850 equity shares.