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#1
15th November 2007, 12:17 PM
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Tata Steel CCPS
I am holding 10 shares of Tata Steels. As per announcement given below, I can get 9 CCPS. But at the time of its conversion to equity share, 6 CCPS are converted to 1 equity share. Then what about the other 3 CCPS that I will hold?
The Committee of Directors at its meeting held on Friday, 05th Oct. approved as under: a) Size of CCPS to be offered on Rights basis: The Company would issue CCPS of Rs. 5,481 crores in the ratio of 9:10 to the existing equity shareholders. b) Conversion price of CCPS into Equity Share: The six CCPS of the face value of Rs.100 each will be compulsorily and automatically converted into one Equity Share fully paid up of Rs.10 each at a premium of Rs. 590. 
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#2
15th November 2007, 01:19 PM
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Re: Tata Steel CCPS
I have 5 Tata Steel, so what for me.
The Committee of Directors at its meeting held on Friday, 05th Oct. approved as under: a) Size of CCPS to be offered on Rights basis: The Company would issue CCPS of Rs. 5,481 crores in the ratio of 9:10 to the existing equity shareholders. b) Conversion price of CCPS into Equity Share: The six CCPS of the face value of Rs.100 each will be compulsorily and automatically converted into one Equity Share fully paid up of Rs.10 each at a premium of Rs. 590. so i will not get even single share. or should i buy some more shares now only. thanks a lot
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#3
15th November 2007, 03:03 PM
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Re: Tata Steel CCPS
Buying more Tata Steel shares now will certainly not work for you. This rights issue is only for shareholders holding shares upto 5 November 2007.
If you have 5 Tata Steel shares, you will get 1 equity share in this rights issue. But for CCPS, I am not sure what they will give to you. Even I have 10 shares. But as ratio of CCPS is 9:10, I believe that I will get 9 CCPS. But after 2 years, when 6 CCPS will be automatically converted to 1 equity share, I am eager to know that what will be reward for 3 extra CCPS?
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#4
15th November 2007, 05:03 PM
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Re: Tata Steel CCPS
thanks sir
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