Allotment of 21,44,239 equity shares of Rs. 10 each pursuant to conversion of 20,42,133 no. of Optionally Convertible Redeemable Preference Shares (OCRPS) - Pursuant to the exercise of ....
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Scan Steels Ltd has allotted 21,44,239 equity shares of Rs. 10 face value each. These shares were issued upon conversion of 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS). The conversion resulted in shareholders receiving approximately 5% more equity shares than the number of preference shares held, indicating the conversion was at a premium. This represents the exercise of conversion rights embedded in the OCRPS instruments. The actual filing details could not be retrieved as the BSE page returned an error.
Existing shareholders may see dilution as new equity shares are issued. However, preference shareholders converting their holdings gain equity ownership, and the premium conversion rate suggests favorable terms for existing equity holders. This reduces the company's preference share liability.