Brahmaputra Infrastructure Ltd approves allotment of 5,69,89,216 OCCPS

The Board of Directors of Brahmaputra Infrastructure Limited at their Meeting held today i.e. Friday, 29th September, 2023 has considered and approved the allotment of 5,69,89,216 Optionally Convertible Cumulative Preference Shares (OCCPS) at an Issue Price of Rs. 33.63/- each to Consortium of Lender Banks on Preferential Allotment basis against the unsustainable debt portion amounting to Rs. 191,65,47,334/- through Resolution passed in the Extra Ordinary General Meeting held on 8th September, 2023 pursuant to the provisions of Section 42, 62 and other applicable provisions of The Companies Act, 2013 for which In Principle approval has been received from BSE Limited vide Letter no. LOD/PREF/DA/FIP/683/2023-24 dated 27th September, 2023.

The allottees are Indian Overseas Bank (1,67,40,564), Union Bank of India (2,01,40,500), Indian Bank (1,24,52,230) and Punjab National Bank (76,55,922).

Part of upfront payment of the restructuring plan ₹11,00,00,000 (Rupees Eleven Crores only) will be adjusted against redemption of 32,70,889 (ThirtyTwo Lacs Seventy Thousand Eight Hundred Eighty-Nine) OCCPS.

Subsequently as part of the restructuring plan ₹ 15,52,16,867 (Rupees Fifteen Crores Fifty-Two Lacs Sixteen Thousand Eight Hundred Sixty Seven) will be adjusted against redemption of 46,15,429 (Forty-Six Lacs Fifteen Thousand Four Hundred Twenty-Nine) OCCPS.

The balance remaining OCCPS shall be either partially or fully be convertible into equivalent number of Equity Shares at any time within a period of 18 months from the date of allotment of OCCPS i.e. the last and the final date of conversion of OCCPS shall be 28th March, 2025 and in the event the allottee does not exercise or partially exercises the conversion right with 18 months from the date of allotment of OCCPS, then the these remaining OCCPS shall be redeemed by the Company between the period of Financial Year 2028 to Financial Year 2034 in 4 equal quarterly instalments per annum.

Shares of BRAHMAPUTRA INFRASTRUCTURE LTD. was last trading in BSE at Rs. 44.76 as compared to the previous close of Rs. 43.00. The total number of shares traded during the day was 15299 in over 38 trades.

The stock hit an intraday high of Rs. 45.00 and intraday low of 41.25. The net turnover during the day was Rs. 668652.00.

Source : Equity Bulls

Keywords

BRAHMAPUTRAINFRASTRUCTURE INE320I01017 OCCPS Allotment LenderBanks