India’s Capital First board OKs conversion to unsecured debentures

By Sarah Lizee

Olympia, Wash., Aug. 24 – Capital First Ltd. informed the Bombay Stock Exchange that its board of directors met on Friday and approved the conversion of its secured nonconvertible debentures into unsecured debentures, according to a notice.

The board approved the varying rights, terms and conditions of its secured debentures upon effectiveness of the merger of Capital First, Capital First Home Finance Ltd. and Capital First Securities Ltd. with IDFC Bank Ltd.

The conversion is subject to applicable legal and regulatory requirements, including the approval of holders, trustees and the National Stock Exchange of India Ltd.

The board also gave consent for conducting a postal ballot to seek approval from holders.

Capital First is a Mumbai-based consumer and wholesale business financial services provider.

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