MUMBAI, February 5: OCL India has approached the court to reduce premium on outstanding fully convertible debentures. As a result, OCL India's share capital base is all set to undergo a contraction.OCL will not call for the premium payable on the third and final instalment of Rs 35 for full conversion of outstanding zero coupon convertible debentures. The conversion price for the debentures into equity shares thus stands revised from Rs 130 to Rs 95 per share.
The proposal to reduce the premium, market sources say, has been prompted as the company's scrip has been quoting at half the conversion price.
While the projected conversion price is close to the scrip's 52-week high of Rs 145, the share price was Rs 66.50 at the Bombay Stock Exchange yesterday (February 4). The company has filed a petition before the Orissa high court at Cuttack for confirming the reduction of its share capital.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
