Through the rights issue the company would raise a sum of Rs 448 crore in 2008 and possible another Rs 275 crore in 2011, said a company statement on Bombay Stock Exchange.
The company has decided to offer one ZCB for every five shares at the face value of Rs 650.
The ZCB will have three parts, while the first two will automatically and compulsorily convert into one Ordinary share of Rs 10 at a premium of Rs 290 and Rs 340 in October 2008 and 2009, respectively.
The third part will consist of detachable warrant, which can be purchased by the holder, at his option, against a price of Rs 400 for one ordinary share in April 2011. If these warrants are exercised the company would receive a sum of Rs 275 crore as mentioned.