By Sarah Lizee
Olympia, Wash., June 19 – India’s GTN Textiles Ltd. informed the Bombay Stock Exchange that its board of directors approved a proposal to issue Rs. 51 million of 0.01% 10-year compulsory convertible debentures to Seajuli Developers & Finance Ltd.
The debentures will be converted into equity shares with voting rights and/or redeemable preference shares without voting rights, at the option of the company any time after three years but within a period of 10 years from the date of allotment by giving written notice to the investing company.
In case of conversion into equity shares, the price will be decided as per SEBI (ICDR) Regulations 2018 as amended up to date and in case of conversion into redeemable preference shares without voting rights, the fair value will be decided by the board of directors based on the valuation reports from two independent registered valuers.
The cutoff date has been fixed on June 26 to determine the eligibility of shareholders.
GTN Textiles is engaged in the business of manufacturing and exporting combed cotton yarns. It is based in Mumbai.
| Issuer: | GTN Textiles Ltd.
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| Issue: | Compulsory convertible debentures
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| Amount: | Rs. 51 million
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| Maturity: | 10 years
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| Coupon: | 0.01%
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| Investor: | Seajuli Developers & Finance Ltd.
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| Conversion: | Debentures will be converted into equity shares with voting rights and/or redeemable preference shares without voting rights at the option of the company any time after three years
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| Announcement date: | June 19
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