This company shares in focus as as it considers conversion of foreign currency convertible bonds
Kellton Tech Solutions, an information technology consulting company, has announced that its security issuance committee, part of the board of directors, will meet on July 4, 2025, to consider and approve the conversion of Foreign Currency Convertible Bonds (FCCBs) into equity shares. In May, the company approved the allotment of FCCBs valued at USD 10 million to eligible investors, totaling USD 10,000,000.
As per the information shared with exchanges, the bonds carry a coupon rate of 6.5 per cent per annum with a tenure of 10 years, maturing in 2035. The initial conversion price was set at Rs 106 per equity share, it added. What Are Foreign Currency Convertible Bonds?
Foreign Currency Convertible Bonds or FCCBs are debt instruments issued by a company. They are generally issued in a foreign currency and can be converted into equity shares of the company at the holder's discretion. This not only offers companies an opportunity to raise capital internationally but also provides investors with the potential for significant equity upside, a promising aspect of Kellton Tech's financial strategy. How FCCBs Work?
When a company issues FCCBs, it receives funds in a foreign currency and pays a regular interest (also known as coupon rates) to the bondholders until maturity of conversion.
For investors, they act as a regular income during the tenure they hold the bonds. Also, they can benefit from potential gains if the stock of the company rises above the conversion price. 1:5 Stock Split
Earlier, the board of directors of the company approved a 1:5 stock split, a move that can be seen as a positive step towards enhancing the liquidity and affordability of the company's shares. This means that each equity share, previously having a face value of Rs 5, will now be split into five equity shares, each having a face value of Re 1. Share Price History
The stock's 52-week high is Rs 184.30, and its 52-week low is Rs 95.05. The company's market cap, a key indicator of its financial standing, is currently at Rs 1,338.38, providing a comprehensive view of Kellton Tech's market value.
According to BSE Analytics, the counter has given a multibagger return of 121 per cent in two years. While it has given a positive return of 30.85 per cent in one year, the counter has corrected 13.44 per cent so far this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
26 minutes ago
- Hans India
ED arrests Delhi-based forex supplier in case linked to Rs 903 crore Chinese App fraud
New Delhi: The ED arrested a foreign currency businessman and one of the masterminds in a Chinese App investment fraud case involving over Rs 903 crore and seized incriminating documents during searches at his five premises in Delhi, an official said on Friday. Rohit Vij, the mastermind in the conversion of proceeds of crime into forex, was arrested on June 30 for his links to a fake investment app named 'LOXAM', claiming to be related to a reputed French MNC Group of the same name. The business entities and associates of Vij were searched under the provisions of PMLA, 2002, said an official. After arresting Vij, the ED produced him in a Special PMLA Court, which sent him to the probe agency's custody for five days. The federal agency had initiated an investigation against Vij and his associates on the basis of the FIR registered by Cyber Crime, Hyderabad. It was alleged that some Chinese individuals, in association with Indians, have defrauded various investors by luring and offering unrealistically high returns on investments through their fake investment app. ED investigation revealed that the tainted money was collected in the bank account of a shell entity, M/s Xindai Technologies Pvt Ltd, which was formed in the name of an Indian person, on the instructions of a Chinese national, namely Jack. The probe agency said Jack took the Internet Banking credentials and routed the funds collected through 38 mule accounts, which were subsequently converted into foreign currencies with the help of Vij and his associates through shell money changer entities like Ranjan Money Corp Pvt Ltd and KDS Forex Pvt Ltd, controlled by them, based in Delhi. Vij and his associates converted the tainted amount into foreign currencies, mostly in US dollars and UAE Dirham, through multiple Authorised Money Changers (AMCs)/Full Fledged Money Changers (FFMCs), and gave them to a Chinese fraudster through various middlemen through hawala channels. An amount totalling Rs 171.47 crore was laundered through M/s Xindai Technologies Pvt Ltd and subsequently converted into forex through M/s Ranjan Moneycorp Pvt Ltd and M/s KDS Forex Pvt Ltd. However, from the analysis of bank accounts of M/s Ranjan Money Corp and M/s KDS Forex Pvt Ltd, it was found that within a period of seven months, these entities, under the control and operation of Rohit Vij, converted Rs 903 crore of similar tainted money generated by Chinese perpetrators of fraud and other accused persons.
News18
29 minutes ago
- News18
PM Modi To Go To Iconic Boca Stadium During Historic Visit To Argentina
Last Updated: PM Modi's visit to Argentina marks the first bilateral visit by an Indian PM in 57 years. The visit aims to boost India-Argentina ties, focusing on economic and trade matters. India-Argentina ties are expected to receive a significant boost during Prime Minister Narendra Modi's visit to the South American nation starting Saturday, as per India time, according to Ajaneesh Kumar, the Indian Ambassador to Argentina. 'This visit is important from a bilateral lens. Although PM Modi has been here before in 2018, it was for the G20 Summit. This bilateral meeting that's happening between us will take place after five decades on an official level, where the Indian PM is visiting Argentina in this capacity," Kumar was quoted as saying in an exclusive interview with IANS. Argentina will be the third stop on PM Modi's five-nation tour, following Ghana and Trinidad and Tobago. His itinerary will continue with visits to Brazil (July 5-8) and Namibia (July 9). Previously, PM Modi attended a G20 meeting in Argentina in 2018. However, this will be the first bilateral visit by an Indian PM in 57 years, marking a historic moment. As part of the agenda, the Prime Minister will begin his visit by paying homage at the statue of General Jose de San Martin, Argentina's esteemed freedom fighter and national hero. He will then receive a ceremonial welcome and engage in delegation-level talks, followed by a lunch hosted in his honour by President Javier Milei. Argentina has been a strategic partner of India since 2019, and the two nations celebrated 75 years of diplomatic relations last year. 'In the evening, while returning, he'll take out a few minutes of his busy schedule and visit the Boca Stadium, because sports helps the people-to-people contact of both nations, and Argentina is known for its football across the world," added Kumar. Notably, India-Argentina bilateral trade more than doubled from 2019 to 2022, peaking at USD 6.4 billion in 2022. In 2021 and 2022, India was Argentina's fourth-largest trading partner. Argentina is a key supplier of edible oils, including soybean and sunflower oils, to India. In 2024, total annual bilateral trade between India and Argentina increased by 33 per cent to USD 5.23 billion, making India Argentina's fifth-largest trading partner and export destination. First Published:
India.com
30 minutes ago
- India.com
Air India Denies Allegations Of Forcing AI 171 Crash Victims' Families To Disclose Financial Dependency
New Delhi: Air India has denied allegations from British law firm Stewarts Law that it forced families of the AI 171 crash victims to disclose financial dependency on the deceased to get compensation. Over 40 families represented by Stewarts Law have accused the airline of coercion and intimidation as they pursue claims related to the crash of the London-bound Boeing plane crash at Ahmedabad in which over 241 passengers and crew were killed. "Air India categorically rejects these allegations and refutes them as both unsubstantiated and inaccurate," the Tata Group airline said in a statement. The airline clarified that a questionnaire circulated among certain passengers was intended solely to verify familial relationships, ensuring the rightful distribution of interim payments. 'Understandably, there are some formal processes that must be followed, but we are giving families all the time and flexibility they need. We want to support however we can,' Air India said in a statement. "In order to facilitate payments, Air India has sought basic information to establish family relationships to ensure that the advance payments are received by those entitled to them. Family members have been issued with a questionnaire to allow Air India to gather the information required to process compensation payments. This can be submitted in person at our Facilitation Centre at the Taj Skyline hotel in Ahmedabad, or by e-mail, and families have been given time and flexibility to complete these. Air India has certainly not made any unsolicited visits to families' homes," Air India said. Air India executives said that an interim compensation of Rs 25 lakh has been paid to 47 families, while interim compensation for another 55 families is in process and will be disbursed soon. UK-based law firm Stewarts, which is representing over 40 bereaved families, has alleged that Air India has been 'coercing' families into submitting legally significant financial disclosures before receiving advance compensation. "This tactic has deeply distressed families already dealing with an immense loss," the firm said. The allegations come weeks after the June 12 disaster, in which 241 people on board and many on the ground died when the plane crashed into a medical college hostel seconds after take-off from the Ahmedabad airport. Peter Neenan, an aviation lawyer and partner at UK law firm Stewarts, has represented families in a number of large airline disasters around the world, including the high-profile MH17 and MH370 crashes. He claimed the airline's treatment of grief-stricken families could save it at least £100m by under-compensating families. 'This is the real horror of what they're potentially looking to do,' he said, calling for an investigation into the airline's behaviour. Neenan said the families were not given any warning, legal advice, or a copy of the documents. Some families have told him that Air India officials went round to their homes and asked why they had not yet completed the forms, he added. Neenan claimed families were falsely told they would not receive any payments unless they completed the forms, even though airlines are required under international law to make immediate advance payments to families entitled to compensation. Families are not required to do anything more than provide proof of identity and sign a receipt.
