But i feel the transaction will be void is just to escape investors query as 1.5 cr for a company whose turnover is Rs. 1000cr plus and is making profits and you get 25% share in it on conversion, is not at all a bad deal. Why would it go void in first place? i dont beleive that anyone would be reluctant to pay rest Rs.9 and get 25% holding.
Its very important to figure out that whom have this shares placed ? and secondly as per my knowledge no Prefernetial shares as per new act, can be made at par, it has to be at BV, correct me if anything is wrong in my understanding?
Need to still dig more to find out the truth…
Disclosure: I continue to hold TIL and there is no material change (+/- 1% ) in my portoflio for TIL