Kellton Tech Solutions Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, ( SEBI Listing Regulations ) - Issuance of Foreign Currency Convertible Bonds ("FCCBs")-Key outcome of Security Issuance Committee Meeting'.
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Kellton Tech Solutions has approved the issuance of Foreign Currency Convertible Bonds (FCCBs) worth USD 10 million (approximately Rs. 85.3 crores) through an international offering. The floor price for conversion has been fixed at Rs. 106 per equity share, which could result in the issuance of around 80.47 lakh equity shares of Rs. 5 face value upon full conversion. The FCCBs carry a coupon of 6.5% per annum and have a long tenure of 10 years and 1 month from the date of being fully paid-up. The issue is scheduled to open on May 16, 2025, and allotment will happen within 30 days of the issue closing date. The company has reported no prior defaults on FCCB coupon payments.
This brings in foreign capital of about Rs. 85.3 crores to strengthen the company's finances, but existing shareholders face potential equity dilution of roughly 80 lakh shares if the bonds are fully converted. The 6.5% coupon is moderate, and the 10-year tenure gives the company ample time before any conversion pressure kicks in, so the immediate impact on shareholders is limited.