Allotment of 3750 nos. of 0% Non-Convertible Redeemable Preference Shares on Private Placement Basis.
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TCI Industries Ltd has allotted 3,750 Non-Convertible Redeemable Preference Shares (NCRPS) of face value Rs. 100 each at a premium of Rs. 300 per share, i.e. at Rs. 400 each, on a private placement basis. The total amount raised is Rs. 15 lakh, and the shares have been issued to ABC India Limited, an entity belonging to the company's Promoter and Promoter Group. These NCRPS carry no dividend (0%), are non-convertible into equity, have no voting rights, and are redeemable at the company's option within 20 years at a maximum premium of 18% simple per annum on the issue price (up to Rs. 400 per share extra). Since the allotment is of preference shares, there is no change in the paid-up equity share capital of the company.
Existing equity shareholders are not diluted as the NCRPS are non-convertible and carry no voting rights. The Rs. 15 lakh infusion comes from a promoter group entity, signaling internal confidence, but the amount is very small and unlikely to materially affect the stock price.