Key Transaction Details

The disclosure concerns the issue of 1,67,23,565 equity shares and 44,56,67,369 Compulsorily Convertible Preference Shares (CCPS) on preferential basis upon conversion of loan in accordance with the "Resolution Plan".

Funds Raised and Utilization

Date of Raising Funds: April 1, 2026

Total Amount Raised: ₹53,12,92,022/- (₹8,56,24,653 for equity + ₹44,56,67,369 for CCPS)

Funds Utilized: ₹53,12,92,022/- (100% utilization)

Monitoring Agency: Not Applicable

Deviation/Variation Status

Is there a Deviation/Variation in use of funds raised? No

Shareholder Approval Required: Not Applicable

Audit Committee Comments: None

Auditor Comments: Not Applicable

Objects of Fund Raising

Original Object: To comply with the Resolution Plan for restructuring of loans of the Lenders in accordance with RBI Prudential Framework. The company proposed to issue equity shares and CCPS to Lenders by converting part of YTM (Yield to Maturity) and RoR (Right of Recompense) owed by the Company.

Modified Object: Not applicable

Original Allocation: ₹8,56,24,653 for equity shares; ₹44,56,67,369 for CCPS

Modified Allocation: Not applicable

Specific Conversion Details

Equity Shares:

  • Number of shares: 1,67,23,565 equity shares of Re.1/- each
  • Issue price: ₹5.12 per share (including ₹4.12 premium)
  • Amount converted: ₹8,56,24,653

Compulsorily Convertible Preference Shares (CCPS):

  • Number of shares: 44,56,67,369 CCPS of Re.1/- each
  • Amount converted: ₹44,56,67,369

Allottee Information

Single Allottee: Bank of India

  • Amount converted to Equity: ₹8,56,24,653
  • Equity shares allotted: 1,67,23,565
  • Amount converted to CCPS: ₹44,56,67,369
  • CCPS shares allotted: 44,56,67,369

Background Context

The Company entered into a Framework Agreement with the OCD Lenders on March 26, 2026 for restructuring of Optionally Convertible Debentures (OCDs), Yield to Maturity (YTM) on the outstanding OCDs, and the Right of Recompense (ROR) in accordance with RBI Prudential Framework under Resolution Plan.

Purpose and Outcome

The object of the issue was to comply with the Resolution Plan for restructuring of loans of the Lenders. The entire amount raised has been utilized for conversion of loan into equity and Compulsorily Convertible Preference Shares, and therefore nothing is pending for utilization.

The conversion was structured so that the total shareholding of the Lenders will not exceed 50% of the paid-up capital post conversion.