Vardhman Polytex Limited has informed the Exchange regarding Outcome of Board Meeting held on May 18, 2026 regarding allotment of Optionally Convertible Debentures on private placement basis.
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Vardhman Polytex Limited's board allotted 1,500 Optionally Convertible Debentures (OCDs) at Rs. 1,00,000 per debenture, raising Rs. 15 crore. The OCDs are issued to Special Situation India Fund, a non-promoter investor, on a private placement basis. The OCDs are optionally convertible into equity shares of Re. 1 face value within 18 months from the allotment date. The conversion price will be determined based on the 'Relevant Date,' which is 30 days before the OCD holder becomes entitled to apply for equity shares, in compliance with SEBI ICDR Regulations. The company received 100% of the issue price upfront. This preferential issue was approved by shareholders in an EGM held on April 16, 2026, and received in-principle approval from both BSE and NSE.
The issuance adds Rs. 15 crore of capital to the company. Since the OCDs are held by a non-promoter entity (Special Situation India Fund), there is potential dilution for existing shareholders upon conversion, though the exact number of shares and conversion price are not yet determined.