Sintex has been converting the FCCB's which are due in 2022, at a steady pace. On one hand it is reducing the debt, on the other hand, there is dilution of capital and increase in free float which is pulling the valuations down.
I have tabulated the recent conversion and the consequence to equity capital on conversion of all FCCBs.
Note: A similar quantum of increase in shares will be seen in Sintex Plastics as well , due to FCCB conversion.
Excerpts from AR 2016 - 17:
Invite views, how do you view these (early) conversion / debt reduction and the consequence / positives going forward.