The rights issue committee of Zuari Agro Chemicals on Tuesday decided to revise the terms of the rights issue, including the size, price, etc, on account of market considerations.
Accordingly, the revised issue size is up to 3,92,54,139 compulsorily convertible debentures (CCDs) at ₹102 each, aggregating up to ₹400.39 crore.
The rights entitlement ratio is 14 CCDs for every 15 equity shares held by eligible equity shareholders of the company as on the record date.
One CCD of face value ₹102 each will be automatically and compulsorily converted into one equity share of the company a face value ₹10 each, upon expiry of 36 months from the date of allotment, without any further act or payment on the part of the CCD holders, the company said.
Additionally, the CCD holders will have an option to convert the CCDs in the ratio of one CCD into one share of the company after a period of three months from the date of allotment, and, thereafter, at every subsequent interval of three months thereon till the expiry of 36 months from the date of allotment.
Earlier, on July 3, the company board had approved issuing 3,36,46,405 CCDs aggregating up to ₹405 crore. The issue and face value was fixed at ₹120 a share, while the entitlement was fixed at four CCDs for every five equity shares of the company.
The other terms of the issue decided by the committee at its meeting held on July 3 should remain the same, Zuari Agro further said.
The stock on Tuesday jumped 5.3 per cent to close at ₹113.95 on the BSE.
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