Titan to raise Rs 127cr via PCDs

The board of directors of Titan Industries, which met today, approved a proposal to raise Rs 126.83 crore by issuing 21,13,813 partially convertible debentures (PCDs) of Rs 600 each.

According to a release issued by the company to the BSE today, PCDs will be issued on rights basis in the ratio of 1:20 i.e one PCD for every 20 shares held.

Each debenture will comprise of two parts. "Part A will be converted into one equity share with a face value of Rs 10 each in a price band of Rs 325-375 per share. Part B will be one non-convertible debenture (NCD) for the balance amount out of Rs 600 after the conversion to equity shares. The NCDs will carry a coupon of 6.75% per annum payable annually, and redeemable at the end of 5 years," the release added.