Question
ABC Ltd had issued 20,000 debentures with FV of Rs.100
each, redeemable at 5% premium. Debenture holders have an option to convert 20% of redemption value of their holdings into equity shares having face value of 10 issued at a premium of 50%. If, 2500 debenture holder did not avail the conversion option, how many shares would the company have to issue?Solution
Debentures converted = 20,000 – 2500 = 17,500 Conversion value = 17500 *105 *20% = 367,500 Value of each share = 10+5% premium = Rs.15 Total number of shares required to be issued = 367500/15 = 24,500 shares
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