Updates on The Tinplate company of India
Updates on Tinplate:
RECORD DATE FOR RIGHTS ISSUE - 10th September, 2009
EQUITY SHARES
i ) Issue Price Rs.45/- per Equity Share of face value of Rs.10/- each which includes a premium of Rs.35/- per Equity Share.
ii) Entitlement Ratio 3 Equity Shares for every 2 Equity Shares held on the record date.
Fully Convertible Debentures (FCD)
i) Face value Rs.100/- per FCD
ii) Entitlement Ratio 5 FCDs for every 8 Equity Shares held on the record date.
iii) Terms of Conversion into Every 11 FCDs of face value of Rs.100/-Equity Shares each will be automatically and compulsorily converted into 20 Equity Shares fully paid up of Rs.10 each at a premium of Rs.45 on 1st April 2011 without any application or any further act on the part of the FCD holder.
iv) Interest
An interest of 3% shall be paid on the FCDs from the date of allotment upto the date prior to conversion of FCDs into Equity Shares.
Company is moving in right direction as it's reducing the burden on debt on it's book.
Secondly Rights Issue looks really attractive at current market price.
This will Take stock price to 90-95 levels in next 5 trading session.
RECORD DATE FOR RIGHTS ISSUE - 10th September, 2009
EQUITY SHARES
i ) Issue Price Rs.45/- per Equity Share of face value of Rs.10/- each which includes a premium of Rs.35/- per Equity Share.
ii) Entitlement Ratio 3 Equity Shares for every 2 Equity Shares held on the record date.
Fully Convertible Debentures (FCD)
i) Face value Rs.100/- per FCD
ii) Entitlement Ratio 5 FCDs for every 8 Equity Shares held on the record date.
iii) Terms of Conversion into Every 11 FCDs of face value of Rs.100/-Equity Shares each will be automatically and compulsorily converted into 20 Equity Shares fully paid up of Rs.10 each at a premium of Rs.45 on 1st April 2011 without any application or any further act on the part of the FCD holder.
iv) Interest
An interest of 3% shall be paid on the FCDs from the date of allotment upto the date prior to conversion of FCDs into Equity Shares.
Company is moving in right direction as it's reducing the burden on debt on it's book.
Secondly Rights Issue looks really attractive at current market price.
This will Take stock price to 90-95 levels in next 5 trading session.
What happened to this stock?
ReplyDeleteIs it in downtrend?
Nothing wrong it's gone ex-rights since 9-Sept09..
ReplyDeleteWhich means
Let's say I bought 200qty @70=14000.
Now I can buy 300qty@45=13500.
Now my Total cost= 27500/500 qty.
Therefore my average price will be Rs55.
This whole process will take months time.
U shall receive Right participation letter so action upon recieving it(which means u shall buy another 300 qty @45)....Then we continue to hold for 1 year..
With the increasing we can see price of Rs70 in 1year by conservative standards...
i purchased on 8th September
ReplyDeleteAm i eligible for right participation?
Thanks for reply