Tinplate Company of India Ltd has informed BSE that the 3% fully convertible debentures (FCD) of Rs 100 each of the company 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.
