PI Industries Limited has approved the conversion of unlisted, unsecured Optionally Fully Convertible Debentures (OFCDs) held in its wholly owned subsidiary, PI Health Sciences Limited (PIHS), into equity shares.
The board at its meeting on June 23, 2026, exercised the contractual right to convert OFCDs of face value Rs 70 each, aggregating to Rs 7,000 crore, into 72,46,37,687 fully paid-up equity shares of PIHS. The shares were allotted at a fair value of Rs 73.80 per share based on an independent valuation report.
The transaction does not involve any cash consideration or share swap by PI Industries. The conversion results in no change in the ownership or control of PIHS, which continues as a wholly owned subsidiary. The newly issued equity shares will rank pari passu with the existing equity shares of PIHS in all respects.
PIHS is engaged in the pharma Contract Research Development and Manufacturing Organisation (CRDMO) business. The subsidiary's standalone paid-up share capital stood at Rs 441 crore, comprising 44,09,99,946 equity shares of Rs 10 each. PIHS reported a standalone turnover of Rs 58.05 crore for the year ended March 31, 2026.
The conversion of OFCDs into equity shares is being undertaken in accordance with the terms of issuance. PI Industries stated that the conversion is expected to strengthen the consolidated balance sheet of the company and its subsidiaries.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.