Hinduja Tech Ltd. (HTL) has allotted 5.12 crore compulsorily convertible preference shares (CCPS) totalling to ₹392 crore to its investor Gandaraditya Chola, a company registered under Mauritius laws.
The Ashok Leyland subsidiary also allotted 10 equity shares at a premium of ₹66.55 per share, totalling to ₹765.50. The cash transaction was completed on April 15, ALL said in a regulatory filing.
As per the agreed formula, the CCPS will be convertible to one equity share for one CCPS.
Consequent to the issue of CCPS by HTL to Gandaraditya Chola, ALL’s total shareholding in HTL got reduced to 58.75% from 73.03%.
HTL would use these investment proceeds for merger and acquisition activities, funding for its subsidiaries, retirement of debt, redemption of preference shares and for general corporate purposes.
HTL is engaged in providing Integrated engineering and digital technologies solutions and services. For FY23, it posted a turnover of ₹392 crore and net profit of ₹8 crore.
