700% rally in five years! Small-cap stock in focus after allotment of foreign currency bonds
Small-cap company Kellton Tech share price will remain in focus in Monday's trading session after the company announced the issuance of Foreign Currency Convertible Bonds (FCCBs) totaling $10 million, with a minimum conversion price of ₹ 106 per equity share.
Kellton Tech share price ended 2.73 per cent higher on Friday at ₹ 118.50. The stock has rallied over 684.77 per cent in past five years.
The announcement precedes the bond offering scheduled to open on May 16, 2025, after receiving board approval earlier this week.
In a regulatory filing, the company announced that its Security Issuance Committee has been given the authority to oversee the entire process of issuing FCCBs, as approved during the board meeting on May 14, 2025.
These FCCBs will be offered in international markets and will take the form of 6.5% senior unsecured bonds, set to mature 10 years and 1 month after full payment is made. The minimum conversion price has been set in line with the FCCB Scheme, using May 14, 2025, as the reference date for pricing.
At a conversion rate of ₹ 85.3 per US dollar, the bond issuance amounts to roughly ₹ 85.3 crore. Once fully converted, it would lead to the issuance of about 80.47 lakh equity shares, each with a face value of ₹ 5. The company plans to complete the allocation of FCCBs within 30 days from the issue's closure.
The filing also emphasized that the company has a clean track record with no past defaults on FCCB commitments. Additionally, there are no current plans to issue preferential or bonus shares in connection with this offering. This step highlights Kellton Tech's strategy to strengthen its capital base and support future expansion through a mix of funding sources.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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