SR Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 14/04/2025 ,inter alia, to consider and approve issuance of compulsory convertible ....
Awaiting price reaction for this filing.
S R Industries Limited (BSE: SRIND) has informed the stock exchange that its Board of Directors will meet on April 14, 2025 to consider and approve the issuance of Compulsory Convertible Debentures (CCDs) in one or more tranches. The company recently emerged from the Corporate Insolvency Resolution Process (CIRP), and this fundraising is being undertaken in line with the resolution plan approved by the NCLT Chandigarh bench. The CCDs are being issued to explore funding opportunities permitted under applicable laws. The company, formerly known for footwear products, is now operating from New Delhi with its registered office in Mohali, Punjab.
This is a positive development signalling the company's revival post-insolvency, but CCD issuance will lead to potential dilution of existing shareholders when the debentures convert into equity. Investors should watch for details on conversion price, number of CCDs, and the identity of allottees in the next filing.