Exicom Power Solutions B.V., a material wholly-owned subsidiary of Exicom Tele-Systems Limited, has approved the conversion of optionally convertible debentures (OCDs) amounting to USD 4,500,000 into ordinary equity shares. This conversion is part of a larger proposed external fundraise of up to USD 40 million by the subsidiary. The OCDs were initially issued to a third-party foreign investor. The conversion will lead to a dilution of Exicom Tele-Systems Limited's shareholding in its subsidiary, with the exact extent to be determined upon completion of the conversion and allotment process. Further updates will be provided once the conversion and allotment become effective.
