Titan approves rights issue

To raise about Rs 127 crore

Titan Industries has announced that its board on Wednesday approved the issue of partly convertible debentures on a rights basis to raise around Rs 126.83 crore.

It will comprise around 21 lakh partly convertible debentures of Rs 600 each in the ratio of one partly convertible debenture for every 20 equity shares held in the company to the shareholders as on a record date to be fixed by the board or by a duly constituted committee. It will also decide on matters incidental to the issue.

The partly convertible debenture will be made of two parts "" part "A" will be converted into one equity share (of the face value of Rs 10) in a price band of Rs 325 to Rs 375 which shall be fixed closer to the record date by the board of directors of the company.

Part 'B' will be one non-convertible debenture, of the face value of the balance amount out of the Rs 600 on due appropriation of the amount of equity shares priced as per 'A' above.

The non-convertible debenture will carry a coupon rate of 6.75 per cent per annum which is payable annually and redeemable at the end of 5 years.