Tata Coffee fixes Record Date for Rights Issue

Tata Coffee Ltd has announced that October 30, 2006 has been fixed as the Record Date for the purpose of Right issue of Partly Convertible Debentures.

The Company proposes to issue 62,34,352 7% Partly Convertible Debentures (PCDs) in the ratio of 1 PCD for every 2 existing equity shares held as on a record date. Each PCD would have a face value of Rs 400/- and will comprise of two parts:

Part A of Rs 250/- would be converted into one fully paid Equity Share of Rs 10/- on allotment.

Part B of Rs 150/- would be non-convertible and would be redeemed in equal installments of Rs 50/- each at the end of 4th, 5th & 6th years from the date of allotment. The non-convertible portion will carry a coupon rate of 7% p.a.

Source : Equity Bulls

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