Kingfisher converts debentures into equity

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Kingfisher Airlines has partly converted 8% of its optionally convertible debentures (OCDs), which were issued in January last year, into equity shares.

Earlier this month, Kingfisher wrote to debentures holders informing that they would be able to exercise their option to convert part of the optionally convertible debentures at a price of Rs 25.01 per share through 21 February.

As a result, Kingfisher's board of directors issued and allotted 4.19 million equity shares of the company to LKP Securities upon conversion of 1.05 million OCDs.

Another 39.38 million equity shares were allotted to Redect Consultancy Private arising out of a conversion of 9.85 million OCDs.

Upon conversions of 9.85 million OCDs, another 36.28 million equity shares were allotted to Star Investments Private.

In January 2011 Kingfisher announced plans to issue and allot up to 8 million rupees 8% optionally convertible debentures of 100 rupees each. Up to two million rupees 8% OCDs of 100 rupees each were to be allotted to Star Investments, up to 3 million 8% OCDs to Margosa Consultancy Private and up to 3 million 8% OCDs to Redect Consultancy Private.