US private equity group TPG Capital, which recently acquired 5.3% stake in bulk container manufacturing firm Flexituff International for Rs 27 crore, has invested another Rs 135 crore ($25 million) via subscription to foreign currency convertible bond (FCCB).
The PE giant’s investment via FCCBs would translate into 6,211,009 equity shares on conversion at the price of Rs 218 per share (subject to adjustments) on a private placement basis. Thus, on conversion of FCCB into equity, TPG will own around 24.74% stake in the firm, assuming that no fresh equity dilution takes place.
Meanwhile, Flexituff has pledged around 6.63% stake in favour of TPG which will be around 5.05% post dilution of capital. Such pledges are part of FCCB issues and are usually made by the promoters of the firm raising money through FCCB.
| Company Name | CMP |
|---|---|
| Welspun Living | 125.45 |
| Vardhman Textiles | 557.75 |
| Arvind | 387.20 |
| K.P.R. Mill | 926.40 |
| Page Industries | 37935.70 |
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