Tinplate Company of India Converts 3% Fully Convertible Debentures into Equity Shares

The 3% Fully Convertible Debentures (FCD) of Rs. 100 each of Tinplate Company of India Ltd have been automatically and compulsorily converted into fully paid Equity Shares of Rs.10 each at a premium of Rs. 45, on April 01, 2011, as per the terms of the Letter of Offer dated September 09, 2009. The FCD holders whose names appeared on the record date of March 09, 2011, have been allotted 3,27,04,209 Equity Shares of Rs. 10/- each and the above Equity Shares arising out of the conversion shall rank pari passu with the existing Equity Shares of the Company.

With the allotment of the above Equity Shares, arising out of the conversion of the FCDs, the equity shareholding of Tata Steel Ltd in the Company has increased from 42.88% to 59.45 % and the Company has become a subsidiary of Tata Steel Ltd with effect from April 01, 2011.

The stock was trading at Rs.72.70, up by Rs.8.25 or 12.80%. The stock hit an intraday high of Rs.75.50 and low of Rs.63.

The total traded quantity was 13.75 lakhs compared to 2 week average of 1.16 lakhs.

Source : Equity Bulls

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