What was filed
Samvardhana Motherson International has fixed the record date for the second annual interest payment on its listed compulsorily convertible debentures (CCDs), ISIN INE775A08105. Holders whose names appear in the depositories' beneficiary position on the record date will receive the interest on the due date. The company notes the first-year instalment has already been paid.
Background on the instrument
The CCDs were allotted to eligible qualified institutional buyers in September 2024 and carry a 6.50% annual coupon on face value. The filing describes them as unsecured, unrated, listed and compulsorily convertible into equity shares, with interest accruing daily until conversion. The coupon is deferrable and non-cumulative, and an additional 2.00% per annum applies over the 6.50% rate for any period of delayed payment.
Why this matters to a holder
This is a routine, scheduled servicing event on an existing debt-like instrument, not a change in operations. The relevant feature for equity holders is that the debentures are compulsorily convertible — set to become equity shares on conversion — so the instrument is a step toward eventual share issuance rather than permanent borrowing.