John Cockerill India completes Rs 204.17 crore allotment

John Cockerill India Limited on November 5, 2026 allotted 35,185 compulsory convertible preference shares worth Rs 204.17 crore to acquire a 79.44% stake in John Cockerill Metals International SA, Belgium. John Cockerill India issued the securities to John Cockerill SA in a non-cash share swap rather than a cash fundraising.

What did John Cockerill India complete on November 5, 2026?

John Cockerill India completed a preferential allotment of 35,185 non-cumulative compulsory convertible preference shares, or CCPS, on November 5, 2026. The allotment represented consideration for buying 79.44% of the total paid-up share capital of Metals International from John Cockerill SA, with aggregate consideration of Rs 204.17 crore.

The company described the CCPS issuance as consideration other than cash under an amendment to the share purchase agreement between John Cockerill India and John Cockerill SA. This distinguishes the transaction from a cash capital raise: the sole allottee received securities in exchange for the Metals International stake rather than paying cash into John Cockerill India.

John Cockerill India said the board approved the allotment on November 5, 2026 after shareholder approval through a special resolution at its 40th annual general meeting on June 25, 2026. It also cited BSE Limited’s in-principle approval dated August 28, 2026 and applicable Reserve Bank of India approval conveyed through an authorised dealer bank email dated November 3, 2026.

How was the Metals International stake paid for?

John Cockerill India paid for the 79.44% Metals International stake by issuing 35,185 unlisted CCPS to John Cockerill SA on a preferential private-placement basis. The filing identifies one investor, John Cockerill SA, and states that the securities are non-cumulative, non-voting and designated as 0.001% CCPS.

Each CCPS has a face value of Rs 100 and a premium of Rs 57,928.60, taking the issue price to Rs 58,028.60 per CCPS. The Rs 204.17 crore aggregate value therefore consists principally of the issue premium, while the face-value component of the 35,185 securities totals Rs 35.19 lakh.

The securities were issued under the amended share purchase agreement, and John Cockerill India reported no cancellation or termination of the issuance proposal. The filing also says the CCPS will be subject to lock-in restrictions under Chapter V of the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations, 2018, as amended, without specifying a duration.

When will John Cockerill India CCPS convert into equity?

John Cockerill India’s 35,185 CCPS will each compulsorily convert into 10 equity shares at the earlier of John Cockerill SA’s option or 18 months from the November 5, 2026 allotment date. If every CCPS converts, John Cockerill India would issue 351,850 equity shares to the allottee.

The conversion mechanics create a distinction between the November 5 preference-share allotment and the later potential equity-share issue. The CCPS are unlisted and non-voting when allotted, while the filing’s ownership presentation is expressly based on an assumption that all CCPS are both allotted and converted.

John Cockerill India said it will complete the allotment of equity shares arising from an exercise of the convertible securities within 15 days of that exercise. Thus, the disclosure provides an outer conversion point of 18 months and a separate 15-day period for issuing equity shares after an earlier exercise by John Cockerill SA.

How would conversion change John Cockerill SA’s holding?

John Cockerill SA’s indicated equity holding would rise to 72.30% from 70.33% if all 35,185 CCPS convert into equity shares. The disclosed increase is 1.97 percentage points, based on the conversion of each CCPS into 10 equity shares.

Before the preferential issue, the filing shows John Cockerill SA holding 34,72,700 equity shares. After assumed full conversion, its holding would be 38,24,550 equity shares, a difference of 3,51,850 shares that matches the stated 10-for-one conversion ratio.

The post-allotment figures do not mean the 351,850 equity shares were issued on November 5, 2026. They are a stated assumption in John Cockerill India’s disclosure, which links the potential higher shareholding to full conversion of the CCPS issued in the Rs 204.17 crore share swap.

Which approvals supported John Cockerill India’s allotment?

John Cockerill India said the allotment followed shareholder, stock-exchange and applicable Reserve Bank of India approvals received between June and November 2026. Shareholders approved the issue through a special resolution on June 25, 2026, BSE provided in-principle approval on August 28, 2026, and the applicable Reserve Bank of India approval was communicated on November 3, 2026.

The board’s November 5, 2026 approval was disclosed under Regulation 30 and other applicable provisions of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The announcement also refers to the Securities and Exchange Board of India master circular dated January 30, 2026 for disclosure requirements relating to the securities allotment.

The transaction involves a 79.44% stake in Metals International and a potential 351,850 future equity shares in John Cockerill India, but the filing does not disclose financial results, assets, liabilities or an operating timetable for Metals International. It confines the November 5 disclosure to the securities issued, consideration structure, approvals, conversion terms and indicated holding outcome.

Conclusion

John Cockerill India has carried out the stated consideration step for its acquisition of 79.44% of Metals International by issuing 35,185 CCPS worth Rs 204.17 crore to John Cockerill SA. The structure is a non-cash share swap, and, if all CCPS convert, it would increase John Cockerill SA’s indicated equity holding from 70.33% to 72.30%.

The next disclosed event is conversion of the CCPS, which can occur at John Cockerill SA’s option or no later than 18 months after November 5, 2026. John Cockerill India has stated that it will allot the related equity shares within 15 days after an exercise, while the filing leaves the specific lock-in duration undisclosed.