Delta Corp has converted 77.27 lakh CCDs into equity shares in Peninsula Land. The strategic move increases its stake and long-term position in the company.
Peninsula Land Limited converted 77,27,000 unsecured Compulsorily Convertible Debentures (CCDs) into an equal number of equity shares on April 16, 2025. These CCDs were allotted to Delta Corp Limited on December 27, 2023, at a price of ₹44 per unit, with a face value of ₹2 per equity share. The conversion was carried out in a 1:1 ratio as per the original terms of the issue and was approved by the company’s Allotment Committee.
The total value of the debentures stood at ₹33,99,88,000, fully paid in advance at the time of allotment. As a result, no proceeds were due or receivable at the time of conversion. The newly allotted shares will rank pari passu with the existing fully paid-up equity shares of the company in all respects, including voting rights, dividends, and distribution upon winding up.
Following this conversion, Delta Corp’s shareholding in Peninsula Land has increased from 4.64% (1,50,48,000 shares) to 6.87% (2,27,75,000 shares). The company has stated that it will submit the necessary applications to both the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE) for the listing and trading approval of the newly allotted equity shares in due course.
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