PI Industries Converts ₹700 Cr OFCDs in Subsidiary to Equity

PI Industries Limited has approved the conversion of its unlisted, unsecured Optionally Fully Convertible Debentures (OFCDs) worth ₹70,000 million (₹700 crore) held in its wholly-owned subsidiary, PI Health Sciences Limited (PIHS), into equity shares. The conversion involves 72,46,37,687 equity shares of face value ₹70 each, at a fair value of ₹73.80 per share. This transaction does not involve cash consideration or share swap by PI Industries and will not alter the ownership or control of PIHS. The conversion is in accordance with the terms of issuance and is expected to strengthen the consolidated balance sheet of the company and its subsidiaries. PIHS operates in the Pharma-Contract Research Development and Manufacturing Organisation (CRDMO) sector.