Board Meeting Details
The Board of Directors meeting was held on Thursday, 5th November, 2026 at 05:00 P.M. at the Registered Office in Mumbai. The meeting commenced at 05:00 P.M. and concluded at 05:30 P.M.
Key Decision Approved
The Board approved the allotment of 206,70,00,000 Non-Convertible Preference Shares (NCPS) of face value of ₹10 each, aggregating to ₹20,67,00,00,000 (Rupees Two Thousand Sixty-Seven Crore only). This allotment is made by way of conversion of existing unsecured loan of ₹206,70,00,0000 (Rupees Two thousand sixty-seven crore only) into NCPS.
Security Details
- Type of Security: 2% Non-Convertible Preference Shares (NCPS) of face value of ₹10 each
- Type of Issuance: Preferential Allotment on Private Placement basis by way of conversion of existing unsecured loans into NCPS (Not a fresh cash infusion)
- Total Number of Securities: 206,70,00,000 NCPS
- Total Amount: ₹20,67,00,00,000/- (Rupees Two Thousand Sixty-Seven Crore only)
- Issue Price: At par - ₹10 per NCPS (Face Value ₹10)
- Tenure/Maturity: 20 years from date of allotment, redeemable at par
- Coupon/Dividend: 2% per annum, Non-cumulative
- Convertibility: Non-convertible
Allottee Details
Number of Allottees: 3 (Three)
Specific allottees and their amounts:
1. Alstone Textile (India) Limited - ₹620 Crore
2. Genesis Developers and Holdings Limited - ₹722 Crore
3. Hillridge Investment Limited - ₹725 Crore
Subscription Outcome
The issue was fully subscribed by conversion of loans. Post-allotment paid-up Preference Capital will be ₹2067 Crore.
Capital Structure Impact
The conversion results in significant preference share capital addition of ₹2,067 crore, replacing unsecured loan liability with equity-like instrument.