April 21, 2024

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Jaiprakash Ability Ventures Confined cancels outstanding Foreign Forex Convertible Bonds

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Jaiprakash Electric power Ventures Constrained had issued International Forex Convertible Bonds (FCCBs) through the Economical Calendar year 2009-10 for US $ 200 Million. Throughout the period of time, the Business experienced partially redeemed FCCBs together with curiosity. As on 1st April, 2019, the principal excellent of FCCBs was US $ 101,421,203. With the consent of Loan providers, a Bond Equitisation Term Sheet was executed on 20th September, 2019 and with the consent of Bond Holders in their conference held on 13th December, 2019, Next Supplementary Have confidence in Deed was executed, in accordance to which, all fantastic FCCBs had been mandatorily to be converted into fairness shares at a conversion value of Rs. 12/- per equity share of Rs.10/- just about every and whole superb curiosity due thereon was waived off.

The Board of Directors of the Enterprise on 17th January, 2020 had allotted 49,26,78,462 Equity Shares to those Bondholders, who had given Conversion Recognize on the Conversion Report Date, i.e. 16th January, 2020, symbolizing principal total fo USD 8,33,58,594 (82 . 19% of the whole fantastic) at the agreed trade level of Rs. 70.9242 for every US $ as on 14th January, 2020.

All bonds were marked down on Completion day i.e. 11th February, 2020. As for each Clause 6.7.10 of 2nd Supplementary Have confidence in Deed, a Deed of Covenant was executed on 7th February, 2020 , in accordance to which, the Residual Bond Holders, who did not give their Bonds for conversions into equity shares of the Organization representing principal sum of combination USD 1,80,62,609 (17.81 % of overall exceptional) at that time, had been offered right to provide their bonds for conversion and get the shares allotted to them aggregating to 10,67,56,340 equity shares upto a period of 12 months from Completion Day (Prolonged Declare Period of time).

Residual Holders who fall short to post a Claim Observe inside of the Claim Interval will be deemed to have forfeited their right to the Shares and no compensation or other quantities shall be owing to them.

For the duration of the extended claim interval, the Company obtained Conversion Detect from two such Bond Holders symbolizing principal fantastic of US$ 43,40,000 and the Firm allotted 1,30,07,735 Equity Shares to them on 28th December, 2020, thanks disclosure of which has presently been specified.

The extended Claim Time period as per Deed of Covenant dated 7th February, 2020 has finished on the near of enterprise hrs of 11th February, 2021. As these kinds of, correct of residual FCCB Holders to fairness shares of the Enterprise, symbolizing principal superb of US$ 1,37,22,609 (approx. 13.53%) stand forfeited devoid of any payment to them of in any respect character.

Shares of Jaiprakash Energy Ventures Constrained was final trading in BSE at Rs.2.57 as in contrast to the earlier shut of Rs. 2.43. The overall quantity of shares traded during the working day was 8996110 in more than 13292 trades.

The inventory strike an intraday substantial of Rs. 2.65 and intraday small of 2.39. The internet turnover in the course of the day was Rs. 22792250.

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