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Board of Safari Industries (India) approves issue of 13.15 lakh compulsorily convertible debentures aggregating Rs 75 cr

Capital Market 

At meeting held on 23 February 2021

The Board of Safari Industries (India) at its meeting held on 23 February 2021 has approved the issue of 13,15,790 Compulsorily Convertible Debentures (CCDs) of Rs. 570 each aggregating to Rs. 75 crore convertible in 13,15,790 equity shares of Rs. 2 each at a price of Rs. 570 per share inclusive of premium of Rs. 568 per share) on preferential basis to Investcorp Private Equity Fund II (Investor), subject to shareholders approval. Post conversion of CCDs into equity shares, the shareholding of the Investor will be 13,15,790 equity shares representing 5.55% of the paid up share capital.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 23 2021. 12:05 IST