Financial Daily from THE HINDU group of publications
Wednesday, Jan 26, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 26, 2005 |
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Markets
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Rights Issue Trent plans partly convertible bonds on rights basis Our Bureau
Mumbai , Jan. 25 TRENT Ltd plans to raise Rs 118.1 crore through an issue of partly convertible debentures with warrants on rights basis. The company said the rights entitlements will be issued to the existing shareholders in the ratio of 1:10. The instrument will have a face value of Rs 900 each and will consist of three parts: Part `A' will be converted into one equity share (of face value of Rs 10) at a price of Rs 400 on allotment; Part `B' will be one non-convertible debenture of Rs 500 with a coupon rate of 2 per cent and a redemption premium payable on maturity so as to give a yield to maturity of 5.5 per cent per annum over the five-year period and Part `C' will be one warrant entitling the holder to acquire against payment in cash, one share of Trent during the exercise period in the third, fourth or fifth year, at a price which would range between Rs 650 - 750 per share. "There will not be any preferential allotment," a news release said. The company has reported a net profit of Rs 5.18 crore for the third quarter against Rs 5.27 crore in the year-ago period. Net sales for the third quarter stood at Rs 70.12 crore (Rs 42.02 crore). Other income was down at Rs 1.58 crore from Rs 3.25 crore in the year-ago quarter because of the prevailing level of interest rates.
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