Chola Investment on September 28 launched a QIP of equity shares of face value ₹2 each and compulsorily convertible debentures (CCD) of face value of ₹1,00,000 each. The board of director of the company "approved the floor price for the issue" and “authorised the opening of the issue today, i.e. September 28, 2023”, it said in the filing.

“The ‘relevant date’ for the purpose of the issue is September 28, 2023. It may be noted that in respect of CCDs, the company has decided that relevant date shall be the date of the meeting of the committee of directors of the company to open the issue in terms of Regulation 171(b) and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹1,200.51 per Equity Share and ₹1,200.51 per equity shares to be issued on conversion of CCD,” it added.

As per the company, it may offer a discount of “not more than 5%" on the floor price calculated for the QIP issue.

The CCDs will have a face value of ₹1,00,000 apiece and each one will bear “interest at the rate of 7.50% per annum calculated on the face value of the CCD commencing from the date of Allotment and until the conversion date," it said.

“An additional interest at the rate of 2.00% per annum over and above the rate of interest of 7.50% per annum shall be applicable in case of delay in payment of interest by our Company for the delayed period,” it added.

DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.

Chola Investment Finance QIP

Cholamandalam Investment launches QIP at ₹1,200.51 per share; stock falls 1%