Essar Oil Ltd on Monday issued and allotted 8,38,49,814 equity shares of Rs 10 each to a promoter entity, Essar Energy Holdings Ltd (EEHL), on conversion of its entire holding of foreign currency convertible bonds (FCCBs) of $262 million into equity.
Essar Oil said the allotment of 3,88,33,443 shares was made at a premium of Rs 128 a share on conversion of 1,150 FCCBs (issued on June 15, 2010 of $100,000 each) totalling $115 million. The balance 4,50,16,371 shares were issued at a premium of Rs 143 a share to EEHL on conversion of 1,470 FCCBs, also of $100,000 each (issued on July 9, 2010) worth $147 million.
This conversion wiped out all outstanding FCCBs issued by the company. As a result of the conversion, the promoter’s shareholding would go up. According to the company’s disclosure to the stock exchanges, the promoter holding stood at 20.29 per cent as on September 30, 2013, up from 15.96 per cent in the April-June quarter this year.
The conversion would increase the paid-up capital and the share premium reserves of the company. EEHL’s holding in the diluted share capital would be 14.61 per cent, down from 19.83 per cent earlier. Apart from EEHL, Imperial Consultants & Securities Pvt Ltd and Essar Power Hazira Holdings Ltd are the two other promoter entities of the Ruias of Essar, that have invested in the company.
No comments:
Post a Comment