Tata Investment - Updates
With reference to the earlier announcement dated May 16, 2008, regarding Rights Issue of Zero Coupon Convertible Debentures, Tata Investment Corporation Ltd has informed BSE that
in order to comply with certain conditions of the SEBI (Disclosure & Investor Protection) Guidelines 1992, the two conversions would have to take place within a period of 18 months from the date of allotment.
The Board of Directors has therefore revised the dates of the two conversions (based on the present expectation of the date of allotment) as mentioned below:
Each ZCB will have three parts :-
- Part ‘A’ of Rs 300 would be automatically and compulsorily converted into 1 equity share of Rs 10 at a premium of Rs 290 on August 01, 2009.
- Part ‘B’ of Rs 350 would be automatically and compulsorily converted into 1 equity share of Rs 10 at a premium of Rs 340 within 18 months from the date of allotment. (the actual date will be fixed when the issue date is finalized and before fixing the record date for the issue).
- Part ‘C’ will consist of a detachable Warrants which will entitle the holder, at his option, to purchase one Ordinary share of the Company against payment in cash at a price of Rs 400 per share during the month of April, 2011.
The other terms and conditions of the issue shall remain the same.
The above change in the conversion dates will not materially affect the subscribers to the issue.
Tags: Tata Investment