Centrum Capital has informed that the Board of Directors of the Company at its meeting held on January 03, 2018, resolved to issue 4,22,53,521 fully convertible Warrants on preferential basis to BG Advisory Services LLP, being a corporate entity forming part of the Promoter Group of the Company subject to shareholder approval being first obtained. Members of the Company accorded their approval on February 04, 2018 vide postal ballot for issue and allotment of 4,22,53,521 fully convertible warrants to BG Advisory Services LLP at a price of Rs 74.60 per Warrant (including a premium of Rs 64.60 per Warrant) aggregating upto Rs 315.21 Crore. BG Advisory Services LLP has subscribed to 2,01,07,260 warrants at a price of Rs 74.60 (including a premium of Rs 64.60 per equity share) against which the Company has received 25% upfront warrant subscription amount, that is Rs 37.50 Crores, which are outstanding for conversion. BG Advisory Services LLP was given a right to apply for and get allotted equity shares of the Company within a period of 18 months from the date of allotment of warrants. Therefore, the balance amount of Rs 112.50 Crores, being 75% of warrant price for 2,01,07,260 warrants, has to be paid at any time before August 31, 2019, that is before the allotment of equity shares pursuant to conversion of warrants. Considering that the current share price of the Company is quoting substantially below the conversion price, the Company has received intimation from BG Advisory Services LLP that they have decided not to exercise their right of conversion of the aforesaid warrants into equivalent number of equity shares. As a consequence thereof, the Company took note of forfeiture of upfront warrant subscription amount of Rs 37.50 Crore paid by BG Advisory Services LLP in terms of SEBI (ICDR) Regulations.
The above information is a part of company’s filings submitted to BSE.