What was filed
Samvardhana Motherson International told the exchanges that its board, on October 8, 2026, approved converting a large tranche of compulsorily convertible debentures (CCDs) into equity. The CCDs trace back to a qualified institutions placement completed in September 2024, when the company raised ₹1,500 crore through 1,50,000 unsecured, listed CCDs carrying a 6.50% coupon.
Per the filing, the debenture terms let holders convert on or after September 30, 2026. During an optional window from October 1 to October 7, 2026, eight holders applied to convert 145,010 CCDs — the bulk of the issue.
The conversion mechanics
The conversion price was fixed at ₹140.50 per equity share, set using the placement document's formula under SEBI ICDR rules — a 13.83% discount to the seven-day volume-weighted average price before October 1, 2026, and above the proportionately adjusted floor price. The new shares rank pari passu with existing equity on dividend and voting rights and will be listed on both exchanges.
The converted CCDs stand redeemed and extinguished. Any accrued-but-unpaid interest and residual fractional amounts are to be paid in cash within seven working days, per the filing.
What remains outstanding
After this conversion, 4,990 CCDs remain outstanding. The filing notes these will, to the extent not converted earlier at holders' option, be compulsorily and automatically converted into equity on September 20, 2027 — the compulsory maturity date. The event therefore largely closes out the 2024 CCD instrument, with a small residual tranche still to run.