Allotment of 16250 nos. of 0% Non-Convertible Redeemable Preference Shares on Private Placement basis.
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TCI Industries Ltd has allotted 16,250 Non-Convertible Redeemable Preference Shares (NCRPS) on a private placement basis to entities belonging to its promoter and promoter group, including Transcorp Estates, Bunny Investments, and three members of the Agarwal family. The shares have a face value of Rs. 100 each and were issued at a premium of Rs. 300, taking the total issue price to Rs. 400 per share and raising approximately Rs. 65 lakhs. These NCRPS carry 0% dividend, no voting rights, and are non-convertible into equity shares. They will be redeemable at a maximum premium of 18% per annum (simple) on the issue price, at the company's discretion, over a maximum period of 20 years.
There is no change in the paid-up equity share capital and no dilution for existing equity shareholders since the NCRPS are non-convertible and will not be listed on any stock exchange. The capital infusion from the promoter group indicates insider confidence in the company, though the amount raised is quite small relative to typical corporate fundraises.