Titan Industries finalises debenture price at Rs.350
27 Dec 2005
Bangalore: Titan Industries has fixed the price of the equity shares in the partly convertible debentures (forming Part A of the PCD) to be issued on allotment at Rs350 per equity share of a face value of Rs10 per share and inclusive of premium of Rs340 per equity share and within the price band of Rs325 - Rs375.
The rights issue is expected to yield Rs127 crore and the amount would be used for expansion of retail outlets, refurbishing the watch factories and on strengthening its engineering and IT facilities for enhancing production efficiency.
Titan Industries said the decision was taken at the Rights Issue Committee meeting of the board on Monday. This was as per the resolution of the board at it's meeting on August 31, 2005.
The price of the non-convertible debenture (NCD) comprised in Part B has been fixed at Rs250 per NCD carrying an annual interest of 6.75 per cent and redeemable at par at the end of five years from date of allotment.
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