The board of directors (“Board”) of Safari Industries (India) Limited (“Company”), at their meeting held today at 10:30 a.m. considered and approved the issue of 13,15,790 Compulsorily Convertible Debentures (“CCDs”) of Rs. 570 each aggregating to Rs. 75,00,00,300/- (Rupees Seventy Five Crore Three Hundred only) convertible in 13,15,790 equity shares of Rs. 2/- each at a price of Rs. 570/- per share inclusive of premium of Rs. 568/- per share) on preferential basis to Investcorp Private Equity Fund II (“Investor”), subject to shareholders approval. Post conversion of CCDs into equity shares, the shareholding of the Investor will be 13,15,790 equity shares representing 5.55% of the paid up share capital.
The CCDs shall be convertible at any time, at the discretion of the Investor, on or before the date falling within 18 (eighteen) months from the date of allotment of CCDs. Otherwise the CCDs shall in any case be converted into equity shares of the Company on the date falling one Business Day prior to the expiry of 18 (eighteen) months from the allotment date of CCDs, in the event the Investor does not exercise the right to convert prior to such date.
The CCDs proposed to be issued shall be subject to appropriate adjustments, if any during the interim period, the Company makes any issue of equity shares by way of split, or subdivision, consolidation recapitalization and re classification of equity shares or such other similar events or circumstances requiring adjustments.
The CCDs shall be subject to lock-in as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The funds will be used to fund growth and expansion of business and for general corporate purposes of the Company.
Shares of SAFARI INDUSTRIES (INDIA) LTD. was last trading in BSE at Rs.607.6 as compared to the previous close of Rs. 606.35. The total number of shares traded during the day was 2822 in over 376 trades.
The stock hit an intraday high of Rs. 621.5 and intraday low of 600. The net turnover during the day was Rs. 1720320.