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31 August 2009
PRESS RELEASE
The Board of Directors of The Tinplate
Company of India Limited at its meeting held today finalized the terms
of the Company’s proposed simultaneous but unlinked Rights Issue of
Equity Shares and Fully Convertible Debentures and fixed the record date
for the same. The details are as follows :
RECORD DATE FOR RIGHTS ISSUE -
10th September, 2009
EQUITY SHARES
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i ) Issue
Price
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Rs.45/- per Equity Share
of face value of
Rs.10/- each which includes a premium of
Rs.35/- per Equity Share.
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ii) Entitlement Ratio |
3 Equity Shares for every 2 Equity Shares
held on the record date. |
Fully Convertible Debentures (FCD)
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i) Face value |
Rs.100/- per FCD |
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ii) Entitlement Ratio |
5 FCDs for every 8 Equity Shares held
on the record date. |
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iii) Terms of Conversion into |
Every 11 FCDs of face
value of Rs.100/-Equity Shares each will be automatically and
compulsorily converted into 20 Equity Shares fully paid up of
Rs.10 each at a premium of Rs.45 on 1st April 2011 without any
application or any further act on the part of the
FCD holder. |
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iv) Interest |
An interest of 3% shall
be paid on the FCDs from the date of allotment upto the date
prior to conversion of FCDs into Equity Shares. |
The Company expects to finalize all formalities
and open the issue around mid-September 2009.
The proceeds of the Rights Issue, net of
issue expenses, will be used to fund the Company’s on going expansion
program at Jamshedpur including repayment of term loan and / or bridge
loans taken for the same purpose.
“The Company is proposing, subject to
market conditions and other considerations, a simultaneous but unlinked
rights issue of its equity shares and fully convertible debentures and
has filed a Draft Letter of Offer with SEBI. The Draft Letter of Offer
is available on the website of SEBI at www.sebi.gov.in and the website
of the Lead Managers at
www.citibank.co.in and www.sbicaps.com"
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