BOM:523642

PI Industries Converts INR70 Billion Debentures in Subsidiary into Equity

PI Industries (NSE:PIIND, BOM:523642) has approved the conversion of optionally fully convertible debentures (OFCDs) worth 70 billion rupees held in its wholly owned subsidiary PI Health Sciences into 724.6 million equity shares, according to a stock exchange filing on Tuesday.The shares will be issued at a fair value of 73.80 rupees each as part of an internal restructuring of funding within the group.Shares of PI Industries fell nearly 1% in recent trade.

Jefferies Adjusts PI Industries' Price Target to INR3,575 from INR3,675, Keeps at Buy

PI Industries Clocks Decline in Fiscal Q4 Consolidated Net Profit; Shares Plummet 7%

PI Industries (NSE:PIIND, BOM:523642) said its consolidated net profit dropped to 2.00 billion Indian rupees in the fiscal fourth quarter from 3.31 billion rupees a year ago, according to an Indian bourse filing on Tuesday by the agri-sciences company.Shares of the company plunged nearly 7% in Wednesday's trade.Earnings per share during the quarter March 31 slipped to 13.20 rupees from 21.78 rupees a year earlier.Revenue from operations in fiscal Q3 also dropped to 15.7 billion rupees from 17.9 billion rupees a year ago.Additionally, the company's board recommended a final dividend of 10 rupees per share for the fiscal year ended March 31.