Vardhman Polytex Limited has informed the Exchange regarding allotment of 1500 securities (Optionally Convertible Debentures) pursuant to Preferential Issue at its meeting held on May 18, 2026
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Vardhman Polytex has allotted 1,500 Optionally Convertible Debentures (OCDs) at Rs. 1,00,000 per debenture, raising Rs. 15 crore. The OCDs are convertible into equity shares of Re. 1 face value within 18 months. The allottee is Special Situation India Fund, a non-promoter entity. The conversion price will be based on a 'Relevant Date' — 30 days prior to when the OCD holder becomes entitled to convert — making the exact share count and dilution unknown at this stage. 100% of the issue price has been received upfront. The preferential issue was approved by shareholders in an EGM held on 16 April 2026, with in-principle approvals from both BSE and NSE received in May 2026.
This Rs. 15 crore infusion provides capital to the company, but shareholder dilution will occur upon conversion of the OCDs at a future date. The optionally convertible nature means the fund may or may not convert, adding uncertainty around future equity base and stock overhang.