Multi Finance to convert Rs. 185 m debt into equity

Thursday, 30 June 2011 01:08 - - {{hitsCtrl.values.hits}}

The Board of Directors of Multi Finance Ltd., has recently resolved to convert Rs. 185 million of existing debt granted by the parent/holding company into voting ordinary shares via a private placement.

The conversion price will be Rs. 30 with the number of shares to be issued being 6,166,667. The placement will be with Entrust Ltd.

The current stated capital of Multi Finance is approximately Rs. 190 million.

The move is subject to shareholder and regulatory approval. Such shares issued will be listed on the CSE as well.