The board of directors of Tata Coffee, which met today, approved a proposal to issue 62,34,352, 7% partly convertible debentures (PCDs) in the ratio of one PCD for every two shares held.According to a release issued by the company to the BSE today, 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, the release added.The stock, which hit a high of Rs 404 today, was up nearly 8% (Rs 28) at Rs 387.
