The Hindu Business Line : Hind Sanitary to raise Rs 53 cr through debentures

THE board of Hindustan Sanitaryware & Industries Ltd (HSIL), at its meeting held on Tuesday, approved the proposal to issue 33-lakh fully convertible debentures in favour of the Mauritius-based HPC (Mauritius) Ltd, an affiliate of Henderson Global Investors.

These debentures of the nominal face value of Rs 160.25 each would carry four per cent per annum coupon rate and enable the company raise Rs 52.88 crore.

These debentures being offered on a preferential allotment basis would be convertible into one equity share of Rs 5 each for each debenture held at a premium of Rs 155.25 per equity share anytime within 18 months from the date of issue. However, the proposed preferential offer would be subject to the approval of the shareholders at the ensuing general meeting.

The company has informed the stock exchanges that its board has accordingly resolved to recommend a special resolution to the shareholders at an extraordinary general meeting to be held on July 4 to seek their approval to the proposed issue of debentures.

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