Date: September 21, 2026

Board Meeting Outcomes

This communication is an outcome of the company's obligation to inform debenture holders as per the terms of the original issuance. The key decision being communicated is the activation of the conversion process for the CCDs.

Other Operational / Legal / Strategic Disclosures

This document serves as a formal notice to the holders of the company's 6.50% unsecured, unrated, listed Compulsorily Convertible Debentures (CCDs) (ISIN: INE775A08105) regarding the procedure and timelines for converting their debentures into equity shares.

Key Terms of Conversion:

  • Entitlement Date: Holders are entitled to convert their CCDs on or after September 30, 2026.
  • Conversion Windows: Conversion can be applied during specific 7-day windows after the end of each calendar quarter following the Entitlement Date. The first window is from October 1, 2026, to October 7, 2026. Subsequent windows are detailed in a schedule (e.g., Jan 1-7, 2027 for Q4 2026).
  • Maturity Date: All CCDs outstanding on September 20, 2027 (the Maturity Date) will be compulsorily and automatically converted into equity shares.
  • Conversion Price Mechanism: The conversion price is determined by a formula as per the SEBI ICDR Regulations and the Placement Document. It is the higher of:
  • (i) A price at a discount of 13.83% to the conversion Volume Weighted Average Price (VWAP) of the company's shares on the NSE over the 7 trading days preceding the start of the conversion window (or Maturity Date).
  • (ii) A floor price, which is subject to a discount of up to 5% as decided by the Board.
  • Adjusted Floor Price: Due to a 1:2 bonus issue (record date July 18, 2025), the minimum Conversion Price has been proportionately adjusted to ₹126.67 per equity share (face value ₹1). The original Equity Issue Price was ₹190.
  • Fractional Amount & Interest: Any fractional amount remaining after conversion will be paid in cash within 7 working days of the Conversion Date. Accrued but unpaid interest on converted CCDs will also be paid within the same timeframe.
  • Allotment & Ranking: Equity shares allotted upon conversion will be credited in dematerialized form and will rank pari passu with existing equity shares from the date of allotment.

Procedure for Holders:

CCD holders wishing to convert must submit a duly completed 'Conversion Notice' (Annexure A) along with several supporting documents during the applicable conversion window. Required documents include corporate authorizations, PAN copy, demat account details, and tax forms for determining withholding tax on interest payments.

Regulatory Context:

This intimation is submitted to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.