Page 208 - Kolte Patil AR 2019-20
P. 208

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

          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

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