Thanks Rawz, Do you think you could you unpack the following for...

Thanks Rawz,

Do you think you could you unpack the following for me as I am trying to get an understanding of the rights and obligations of TSI India and Piramal.


“The CCD's will be held by Piramal Structured Credit Opportunities Fund which is 75 per cent owned by one of Canada's largest pensions funds, CDPQ (www.cdpq.com). Piramal has the right to nominate a director to the TSI India Board, and the CCD's reflect a fully diluted equity interest of approximately 16.7% of the Company once converted at IPO.

The unlisted CCD's have an annual coupon payment of 8 per cent while TSI India has a call option to buyback the securities at a committed IRR of 18%.”

I think I understand the part about TSI Indias rights and obligations. Do we know if:

1. Piramal have nominated a director to the tSI India Board.

2. What rights do Piramal have to convert CCD’s to shares or extend the arrangement subject to KPI’s we may not be aware of at the current time.

Notwithstanding the original arrangement, sometimes these can be renegotiated or varied in a fashion. Just mere conjecture by me at this stage.

So as per normal .. DYOR.


Cheers Anton