Please find attached intimation pursuant to regulation 30 of SEBI LODR Regulations, 2015, with respect to issuance of Non-Cumulative Compulsory Convertible Preference Shares on Preferential ....
COCKERILL · price
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John Cockerill India Ltd's board approved issuance of 35,185 Non-Cumulative Compulsory Convertible Preference Shares (CCPS) to parent company John Cockerill SA (JC SA) at ₹58,028.60 per share (face value ₹100 + premium ₹57,928.60), aggregating to ₹204.17 crore. This is part of a modified Share Purchase Agreement for acquiring 100% of John Cockerill Metals International SA, Belgium for a revised total of €24.32 million. The consideration combines €5 million cash (due June 30, 2026 for 20.56% stake) and share swap for the remaining 79.44% stake. Each CCPS is compulsorily convertible into 10 equity shares within 18 months of allotment. Post-conversion, JC SA's holding will increase from 70.33% to 72.30%. The transaction is a related party deal with the promoter and requires shareholder and regulatory approvals. The 40th AGM is scheduled for June 25, 2026.
The CCPS issuance is a share-swap arrangement for an acquisition, effectively dilutive to minority shareholders over time as CCPS convert into equity. The promoter (JC SA) will further consolidate control, rising to 72.30% post-conversion. No immediate cash outflow for equity holders, but dilution is expected within 18 months.