The Board considered and approved the allotment of Unlisted Non-Convertible Redeemable Preference Shares (NCRPS) on a private placement basis under the First Tranche. This allotment was made pursuant to the approval of the company's members and upon receipt of subscription money. The allotment was executed in accordance with the terms approved by members and the applicable provisions of the Companies Act, 2013 and its rules.
The Board also authorized the necessary statutory filings, corporate actions, and other consequential actions related to this allotment.
Key Details of the Allotment (Annexure A):
- Type of Security: Non-Convertible Cumulative Redeemable Preference Shares (NCRPS)
- Type of Issuance: Private placement basis
- Total Number of Securities Issued (First Tranche): 1,00,00,000 (One Crore) shares
- Face Value: ₹10 per share
- Issue Price: ₹10 at par, as per a valuation report
- Size of the Issue: Aggregate amount of ₹10,00,00,000 (Ten Crore)
- Listing Status: The NCRPS are unlisted and will not be listed.
- Tenure:
- Date of Allotment: 28-10-2026
- Date of Maturity: 28-10-2033 (7 years from the date of allotment), subject to the terms of the issue.
- The company has a call option and investors have a put option, which may be exercisable after 2 years from allotment, subject to the terms of the issue and a 30 days' notice period.
- Dividend: 5% cumulative per annum, payable in accordance with the terms of the issue and applicable law.
- Security: The NCRPS are unsecured and do not carry any charge on the assets of the Company.
- Special Rights: The preference shares carry a preferential right vis-à-vis equity shares concerning the payment of dividend and repayment in case of winding up or repayment of capital.
- Redemption: The shares are to be redeemed at the expiry of 7 years from the date of allotment, subject to applicable law and the terms of the issue.