PI Industries (NSE:PIIND, BOM:523642) has approved the conversion of optionally fully convertible debentures (OFCDs) worth 70 billion rupees held in its wholly owned subsidiary PI Health Sciences into 724.6 million equity shares, according to a stock exchange filing on Tuesday.
The shares will be issued at a fair value of 73.80 rupees each as part of an internal restructuring of funding within the group.
Shares of PI Industries fell nearly 1% in recent trade.
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