Exicom Tele-Systems Limited Stake Diluted as Subsidiary Completes OCD Conversion
Exicom Tele-Systems Limited reported that its stake in wholly-owned subsidiary, Exicom Power Solutions B.V. (Exicom B.V.), has diluted following the conversion of Optionally Convertible Debentures (OCDs).The company announced that the Board of Directors of Exicom B.V., Netherlands, approved the conversion of OCDs. These convertible debentures, originally issued aggregated to USD 10 million to a third-party foreign investor, allow for conversion into ordinary equity shares in tranches.
The approved conversion details involve OCDs aggregating to USD 5.5 million. This figure includes an additional conversion of USD 1 million above the previously approved amount of USD 4.5 million. These convertible instruments are being converted into ordinary equity shares of Exicom B.V., which have a nominal value of EUR 1 (Euro One) each.
The dilution of stake means the shareholding of Exicom Tele-Systems Limited in Exicom B.V. has decreased from 100% to 92.23%. Consequently, Exicom B.V. no longer holds the status of a wholly owned subsidiary of the company, although it remains a material subsidiary.
The change in shareholding pattern is detailed below:
| Shareholder | Pre-transaction Shareholding | Post-transaction Shareholding |
|---|---|---|
| Exicom Tele-Systems Limited (Company) | 100% | 92.23% |
| Foreign investor | - | 7.77% |
These developments reflect the conclusion of the conversion process involving the OCDs.
EXICOM Stock Price Movement
Today, Exicom Tele-Systems Limited shares edged higher, settling at ₹120.84 after gaining 6.48% in post-market trading. The stock saw solid investor interest, with 2.90 million shares traded during the session, closing near the top of its ₹112.9 to ₹124.3 range.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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