Jaiprakash Power Ventures Limited allots shares on conversion of FCCBs

Pursuant to the Second Supplementary Trust Deed dated 13th December, 2019, all the outstanding Foreign Currency Convertible Bonds (FCCB) aggregating to US $ 101,421,203 were mandatorily converted into equity shares of the Company. Accordingly, FCCBs representing US$ 83,358,594 (equivalent to INR 591,21,41,600 @ 1 US$ = INR 70.9242) were converted into 49,26,78,462 equity shares of Rs.10/- each at a conversion price of Rs.12/- per share upon mandatory conversion of FCCBs into equity shares from whom the Company received conversion notices as on Mandatory Conversion Record Date of 16th January, 2020.

All bonds were marked down on Completion date i.e. 11th February, 2020. As per Clause 6.7.10 of Second Supplementary Trust Deed, a Deed of Covenant was executed on 7th February, 2020 giving limited right to the Residual Bond Holders. The Residual Bond Holders, who did not offer their Bonds for conversions into equity shares of the Company representing principal amount of aggregate USD 1,80,62,609 (17.81% of total outstanding) at that time, were given right to offer their bonds for conversion and get the shares allotted to them aggregating to 10,67,56,340 equity shares upto a period of 12 months from Completion Date i.e. up to 11th February, 2021 (Claim Period).

The Company has received conversion notices from two residual FCCB Holders representing US $ 22,00,840.11 and accordingly, pursuant to the aforesaid Second Supplemental Trust Deed and the Deed of Covenant, the Committee of Board of Directors for Debt Restructuring authorized by the Board in this regard, on 28th December, 2020 has allotted 1,30,07,735 equity shares of Rs. 10/- each at a conversion price of Rs. 12/- per share upon mandatory conversion of residual FCCBs into equity shares.

Consequent to allotment of the aforesaid 1,30,07,735 equity shares of Rs. 10 each to residual FCCBs holders, the paid-up Equity Share Capital of the Company shall be increased to 685,34,58,827 Equity Shares of Rs. 10/- each aggregating to Rs. 6853,45,88,270/-.

Shares of Jaiprakash Power Ventures Limited was last trading in BSE at Rs.3.16 as compared to the previous close of Rs. 3.24. The total number of shares traded during the day was 7950654 in over 10004 trades.

The stock hit an intraday high of Rs. 3.34 and intraday low of 3.11. The net turnover during the day was Rs. 25457958.

Source : Equity Bulls

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