Oil Country Tubular Allots New Equity Shares Post OCPS Conversion; Total Paid-Up Share Capital Rises
Oil Country Tubular Limited reported a significant increase in its paid up equity share capital following the conversion of Zero Coupon Optionally Convertible Non Cumulative Preference Shares (OCPS) into common stock. The allotment, which occurred during the Board meeting held on June 18, 2026, saw the company issue new shares to United Steel Allied Industries Private Limited.The issuance was made pursuant to a request from United Steel Allied Industries Private Limited for the conversion of OCPS into equity shares as per the terms of the original OCPS issue. The newly allotted Equity Shares are stated to rank pari passu with all existing equity shares of the Company, including dividends, if any.
Following the allotment, the total paid up Equity Shares of Oil Country Tubular increased from 519,89,530 to 561,84,530, both fully paid at Rs. 10/- each. The promoter shareholding consequently rose from 47.23% to 51.17%.
The details pertaining to the equity allotment and its consequences are summarized below:
| Particulars | Details |
|---|---|
| Type of securities issued | Equity Shares pursuant to Conversion of OCPS |
| Issuance type | Preferential allotment (Conversion of OCPS into Equity Shares) |
| Total shares allotted | 41,95,000 Equity Shares of Rs. 10/- each |
| Investor name | United Steel Allied Industries Private Limited |
| Issue Price/Allotted Price | Rs. 65/- per Equity Share |
| Number of investors involved | 1 |
The allotment represents the final stage of conversion for a portion of the OCPS originally allotted on December 31, 2024. Of the original 1,38,46,154 OCPS allocated, United Steel Allied Industries Private Limited had converted 35,50,000 OCPS into shares on January 29, 2025, and 41,50,000 OCPS into shares on May 8, 2025. The current conversion of 41,95,000 OCPS occurred on June 18, 2026.
The company noted that any remaining balance of OCPS not converted within the 18-month period from the date of allotment must be redeemed by the Company at a price of Rs. 65/- per OCPS before 10 years from the original allotment date.
Details Regarding the 40th Annual General Meeting
The Board meeting also approved the notice for the company's 40th Annual General Meeting (AGM). The AGM is scheduled to be held on Wednesday, August 12, 2026, at 11:00 AM (IST) via Video Conferencing (VC) or Other AudioVisual Means (OAVM).Key details related to the AGM and remote e-voting are provided in the table below:
| Event / Date | Details |
|---|---|
| Record date / Cut off date | Wednesday, August 5, 2026 |
| E-voting commencement date | Sunday, August 9, 2026, at 9:00 AM (IST) |
| E-voting end date | Tuesday, August 11, 2026, at 5:00 PM (IST) |
| Scrutinizer details | Ms. Manjula Aleti of M/s. Manjula Aleti & Associates |
| Service provider for e-voting and AGM | National Securities Depository Limited (NSDL) |
Board Review of SEBI Show Cause Notice
The Board reviewed the Show Cause Notice issued by SEBI, which details were communicated to Stock Exchanges on June 3, 2026. The Board advised Management to take all necessary actions concerning this matter and submit an appropriate response within the prescribed timeframe.OILCOUNTUB Stock Price Movement
Shares of Oil Country Tubular Limited are edging higher to reach ₹57.00 as of 2:56 PM, rallying 1.17% in live trading. The stock trades above its intraday low of ₹55.89 amidst a volume of 9,693 shares.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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