The preference shares (CCPPS) are convertible into 2 equity shares of FV of 5 each. The price of each CCPPS is Rs. 471, which is equivalent to Rs. 235.5 of each common equity share, which is around a discount of about 22% to CMP of Rs. 300-odd. The discount appears to be on a slightly higher side.
However, the FV of Rs 400 implies that only 14.86 lakh CCPPS have been issued, which would mean an additional 29.72 lakh equity shares upon conversion. On current no. of equity shares (post today's bonus shares) of 434 lakh shares, this is a dilution of about 7%, which is not so bad.