Outcome of Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board of Directors approved raising up to USD 700 million (approximately ₹5,800 crore at current exchange rates) through Foreign Currency Convertible Bonds (FCCBs) via one or more private placements. The FCCBs are optionally convertible, meaning bondholders can choose to convert into equity shares. Additionally, the Board approved increasing the company's borrowing limits to ₹10,000 crore (Ten Thousand Crores) and permitting loans/guarantees/investments up to ₹1,000 crore—both requiring shareholder approval. The company also constituted an FCCB Committee to manage the issuance. An Extraordinary General Meeting (EGM) is scheduled for May 8, 2026 at the corporate office in Ahmedabad to seek shareholder approvals for these proposals.
This is a major capital raising initiative that could significantly dilute existing shareholders if FCCBs are converted to equity. The ₹10,000 crore borrowing limit also signals potential for substantial additional debt. Investors should monitor the EGM outcome and watch for dilution risk.