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.
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.
