- Indostar has entered into an agreement with Brookfield to issue 30.2m shares at Rs.290/share and 12.1m compulsory convertible preference shares which carries a coupon of 10% p.a which can be converted any time in the next 18 months into one equity share
- Since the stake of Brookfield in the company on a fully diluted basis would exceed 25%, it has triggered a mandatory open offer to all public shareholders up to 37.2m shares at a price of INR290/share
- Upon full acceptance of the open offer, the total investment by Brookfield in the open offer would be INR10.79b.
- Brookfield would end up owning 59.02% stake in the company and also become a co-promoter in the company
Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.
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