Outcome of Board Meeting for approval of Foreign Currency Convertible Bonds ("FCCBs") and other related matters
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.9 pts more than Nifty Microcap 250 and 5.2 pts more than its Other Food Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NHC Foods Ltd's board has approved the issue of Foreign Currency Convertible Bonds (FCCBs) worth up to US$ 27 million (approximately INR 258 crore). The bonds carry a 1.5% coupon rate and are issued at a 10% discount with a tenure of 5 years maturing on May 28, 2031. The bonds will be credited to subscribers on May 29, 2026 and are proposed to be listed on AFRINEX Exchange in Mauritius. Upon conversion, these FCCBs would result in approximately 257.05 crore equity shares of Rs. 1 each, significantly diluting the equity base. The regulatory floor price was determined as per FCCB Guidelines with May 27, 2026 as the relevant date.
Significant equity dilution risk for existing shareholders as conversion would create ~257 crore new shares. The 10% discount on FCCB issuance indicates the company needed capital urgently. Bondholders will earn 1.5% coupon annually until conversion or maturity.