John Cockerill India Limited projects John Cockerill SA at 72.30%

On November 5, 2026, John Cockerill India Limited said John Cockerill SA’s holding is projected to reach 72.30% from 70.33% when 35,185 compulsorily convertible preference shares convert into equity. The preferential issue carries aggregate consideration of Rs 204.17 crore and will create 3,51,850 equity shares on full conversion.

How will John Cockerill India’s ownership change after conversion?

John Cockerill India said John Cockerill SA’s holding would increase by 1.97 percentage points to 72.30% from 70.33%, assuming allotment and conversion of all 35,185 compulsorily convertible preference shares, or CCPS. John Cockerill SA held 34,72,700 equity shares before the preferential issue and is shown with 38,24,550 shares in the post-conversion illustration in the November 5 filing.

The 72.30% figure is a post-conversion assumption rather than a statement of equity shares issued on November 5, 2026. Each CCPS will compulsorily convert into 10 equity shares, making the 35,185 instruments equivalent to 3,51,850 equity shares. That number matches the difference between the disclosed pre-issue holding of 34,72,700 shares and the illustrated post-conversion holding of 38,24,550 shares.

The filing does not provide a separate equity ownership percentage after the CCPS allotment but before conversion. It specifically presents the 72.30% holding on the assumption that all CCPS are allotted and converted, while the pre-preferential issue percentage is 70.33%.

What securities did John Cockerill India allot to John Cockerill SA?

John Cockerill India allotted 35,185 non-cumulative, non-voting CCPS to John Cockerill SA on November 5, 2026 through a preferential allotment on a private-placement basis. The unlisted instruments have a face value of Rs 100 each and a premium of up to Rs 57,928.60 per CCPS.

The aggregate consideration for the 35,185 CCPS was Rs 204.17 crore. The annexure to the stock-exchange disclosure identifies one investor, John Cockerill SA, and states that there was no cancellation or termination of the securities proposal.

The CCPS are described as non-cumulative and non-voting in the filing. Their conversion terms provide that one CCPS will become 10 equity shares of John Cockerill India, fixing the full-conversion equity issuance at 3,51,850 shares.

John Cockerill India also said the preferential securities would be subject to lock-in restrictions prescribed under Chapter V of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018, as amended. The November 5 announcement does not state the duration of the applicable lock-in restriction.

Why did John Cockerill India issue the CCPS?

John Cockerill India issued the CCPS to acquire 79.44% of the total paid-up share capital of John Cockerill Metals International SA, Belgium, from John Cockerill SA. The consideration was a share swap rather than cash, with the CCPS issued under terms in an amendment to the share purchase agreement between John Cockerill India and John Cockerill SA.

The Rs 204.17 crore CCPS consideration was therefore linked to the acquisition of the 79.44% interest in John Cockerill Metals International SA. John Cockerill India did not disclose an operating forecast, valuation methodology, expected financial contribution or completion effect for the Belgian entity in its November 5 filing.

The issuance followed shareholder approval through a special resolution at John Cockerill India’s 40th annual general meeting on June 25, 2026. The company also cited Reserve Bank of India approval received through an authorised dealer bank email dated November 3, 2026, and in-principle approval from BSE Limited dated August 28, 2026.

The sequence places the November 5 board approval after the June shareholder resolution and the two cited approvals. The allotment created the 35,185 CCPS, while the projected 72.30% equity holding depends on the subsequent conversion of those instruments into 3,51,850 shares.

When will John Cockerill India’s CCPS convert into equity shares?

John Cockerill India said conversion will occur at the earlier of John Cockerill SA exercising its option or 18 months from the November 5, 2026 allotment date. The CCPS are compulsory convertible, but John Cockerill SA can trigger the conversion before the 18-month period.

After John Cockerill SA exercises the convertible securities, John Cockerill India said it will complete the allotment of the resulting equity shares within 15 days. The filing does not provide an exercise date, so the timing of the move from the 70.33% pre-issue holding to the illustrated 72.30% holding is not yet fixed.

The November 5 allotment involved 35,185 CCPS, whereas the 3,51,850 equity shares arise only after conversion. Accordingly, the disclosed 38,24,550-share holding and 72.30% ownership figure are based on full conversion rather than an indication that the additional equity shares had already been issued on the allotment date.

The disclosed conversion ratio is fixed at 10 equity shares for every one CCPS. The filing does not provide a variable conversion ratio or alternative conversion price, leaving the timing of an early exercise by John Cockerill SA as the outstanding event within the stated 18-month period.

Conclusion

John Cockerill India’s preferential issue gives John Cockerill SA a defined route to increase its equity holding from 70.33% to 72.30%. The 1.97-percentage-point increase follows from 35,185 unlisted CCPS, each convertible into 10 equity shares, issued as non-cash consideration for the 79.44% acquisition of John Cockerill Metals International SA.

The next disclosed event is conversion of the CCPS. John Cockerill SA may exercise its option before 18 months have elapsed from the November 5, 2026 allotment, and John Cockerill India has said it will complete the resulting equity allotment within 15 days of exercise. The filing does not disclose when that option will be used.