The board of directors at its meeting held on Thursday approved allotment of 2,36,47,562 equity shares of the company having face value of Rs 2 each on conversion of 2,542 dollar denominated convertible bonds due in 2032, it said in a regulatory filing.
The bonds have face value of USD 320 each, which after capitalising interest at 2.75 per cent per annum accrued on half yearly basis, is aggregating to USD 824,624, at a conversion price of Rs 2.61 per equity share, it added.
The conversion of bonds into equity shares has been done at a fixed rate of exchange of Rs 74.8464 per dollar.
The conversion was done pursuant to the conversion notices received from bondholders forming part of dollar denominated convertible bonds due 2032, it added.
Post allotment, the paid-up capital of the company is Rs 1,768.85 crore, divided into 884,42,60,567 equity shares of Rs 2 each.
