Page 208 - Kolte Patil AR 2019-20

Notes forming part of the Consolidated Financial Statements

(ii) 12,063,019 (March 31, 2019 - 13,813,519) 0% Optionally Convertible Debentures of ` 10 each

Number of Number of
Amount as on Amount as on
Debentures Debentures
Name of Debenture Holder March 31, 2020 March 31, 2019
as at March 31, as at March 31,
(H in Lakhs) (H in Lakhs)
2020 2019
India Advantage Fund- III 7,237,811 474 7,237,811 723
India Advantage Fund- IV 4,825,208 316 4,825,208 483
Umedica Investment Service Private Limited - - 1,750,500 175
Total 12,063,019 790 13,813,519 1,381

The Company by virtue of the agreement dated 4 February 2019 with the Debenture Holders, has converted the Compulsory Convertible
Debentures (CCDs) into Optionally Convertible Debentures (OCDs) and the parties have agreed to treat the CCD’s as OCD’s with revision in
the below mentioned terms-
• Interest Series A to G and OCD :-The Company shall accrue interest quarterly and pay interest annually at the rate of 15% p.a. on OCD’s.
If this interest could not be paid due to paucity of funds, the Company shall accumulate the interest and shall be liable to pay the
cumulative interest duly compounded on quarterly basis from the date of first accrual till the date of actual payment of interest. Interest
on OCD Series A, B and C at 0% with the effect from 1st April 2019.
• Interest series H :-
With effect from 01 April 2019, the rate of interest will 15% p.a.
• Conversion for OCD, OCD Series A to G and OCD Series H
• I n respect of Series A-G, upon expiry of 4 years from the date of allotment and before redemption of OCD’s, the Debenture
Holders shall have the right, at any time to convert, at their sole option, in whole or in part the OCD’s into such number
of Equity Shares or Preference Shares of the Company as may be decided by the Board of Directors of the Company
Redemption -
• The Company shall redeem OCD and OCD’s Series A-G on or before 31st March 2035 or such amended period after 31 March 2035 as
agreed between the Board of Directors & Debenture Holders from net proceeds to be received from Sale of FSI in the township being
developed by the Company, as may be transferred/ allotted to the holders of OCD and OCD Series A to G, the manner and specifications
of which have been agreed upon in an agreement entered into between the Company and the Debenture Holders.
• The Company shall redeem OCD’s in Series H on or before 01 April 2024 in various tranches. The premium payable on redemption shall
be decided by the Board of Directors and the Debenture Holders at the time of redemption.

** Series H Conversion :-
During the year, the Company has converted, 22,946,981 Optionally Convertible Debentures, 56,744,431 Series A to C- Optionally Convertible
Debentures and 16,450,000 Series D to G - Optionally Convertible Debentures to 96,141,412 Series H Optionally Convertible Debentures

18B: OPTIONALLY CONVERTIBLE REDEEMABLE PREFERENCE SHARES
366,074 (March 31, 2019 - 366,074) 0.0001 % Optionally convertible redeemable preference shares (unsecured)
The Investor shall have a right at any time to convert at their option in whole or in part of the Optionally Convertible Redeemable Preference
Shares (OCRPS) into fully paid up equity shares upon the expiry of three years from the date of receipt of application monies and prior to
redemption of OCRPS. The Board of Director along with the investors shall decide, at the time of conversion, the premium, if any to be paid
on conversion. If not converted, the Company shall redeem the OCRPS on or before March 31, 2020 in various tranches subject to availability
of surplus cash flows. The premium payable on the redemption shall be decided by the Board of Directors and subscribers at the time of
redemption.

206 | Kolte-Patil Developers Limited