Intimation for Listing of FCCBs of the Company on AFRINEX Limited is enclosed
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NHC Foods Limited has completed listing of its Foreign Currency Convertible Bonds (FCCBs) on the AFRINEX Securities List (ASL) of AFRINEX Limited, Mauritius, effective May 29, 2026. The FCCB issue is worth USD 27 million with a low coupon rate of 1.5% per annum and matures on May 28, 2031. The bonds were originally allotted on May 27, 2026, and have been admitted for trading on the Mauritius exchange. FCCBs are debt instruments that carry an option for bondholders to convert into equity shares at a predetermined conversion price, giving investors exposure to the company's equity upside.
The listing confirms the FCCB issuance is complete and adds USD 27 million in foreign currency debt to the company's balance sheet. The low 1.5% coupon indicates investors likely anticipate significant equity conversion value. Conversion would dilute existing shareholders.