Titan Industries'' NCD issue
01 Sep 2005
1
Bangalore: Titan Industries' board has approved the issue of partly convertible debentures on a rights basis to raise around Rs126.83 crore.
The issue will comprise 21-lakh partly convertible debentures of Rs600 each in the ratio of one partly convertible debenture for every 20 equity shares held in the company to the shareholders on a record date to be fixed by the board or by a duly constituted committee. The committee will also decide on matters incidental to the issue.
The partly convertible debenture will be made of two parts: Part "A" will be converted into one equity share (of the face value of Rs10) in a price band of Rs325 to Rs375 which shall be fixed closer to the record date by the board of directors of the company.
Part 'B' will be one non-convertible debenture, of the face value of the balance amount out of the Rs600 on due appropriation of the amount of equity shares priced as per 'A' above.
The non-convertible debenture will carry a coupon rate of 6.75 per cent per annum which is payable annually and redeemable at the end of 5 years.
The issue will comprise 21-lakh partly convertible debentures of Rs600 each in the ratio of one partly convertible debenture for every 20 equity shares held in the company to the shareholders on a record date to be fixed by the board or by a duly constituted committee. The committee will also decide on matters incidental to the issue.
The partly convertible debenture will be made of two parts: Part "A" will be converted into one equity share (of the face value of Rs10) in a price band of Rs325 to Rs375 which shall be fixed closer to the record date by the board of directors of the company.
Part 'B' will be one non-convertible debenture, of the face value of the balance amount out of the Rs600 on due appropriation of the amount of equity shares priced as per 'A' above.
The non-convertible debenture will carry a coupon rate of 6.75 per cent per annum which is payable annually and redeemable at the end of 5 years.
