Lord’s Mark Industries confirms conversion entitlement of 10.28 lakh shares

Lord’s Mark Industries, a diversified company with interest in healthcare, diagnostics, renewable energy besides printing and packaging, has resolved a legal dispute with Bennett Coleman and Co by formally confirming its entitlement to 10,28,483 equity shares at a conversion price of ₹158 per share.

The dispute arose from BCCL’s petition under Section 9 of the Arbitration and Conciliation Act seeking interim reliefs relating to the conversion of warrants held under the Share Cum Warrant Subscription Agreement.

The delay in conversion was due to LMIL’s ongoing merger and capital restructuring process, a complex but value-accretive exercise that involved the pre-packaged insolvency resolution of Kratos Energy and Infrastructure and its subsequent merger with LMIL, culminating in a BSE listing approval in May, said the company.

The company formally confirmed the entitlement and committed to disclosing this to the Monitoring Committee overseeing the Resolution Plan’s implementation. The petition was subsequently withdrawn by BCCL, and the court disposed of the matter accordingly.

“We will continue to undertake all necessary actions in accordance with applicable laws and our contractual obligations,” said the company in a statement.

Pursuant to the amicable resolution reached between the parties, the petition filed before the Delhi High Court has been withdrawn, and the matter stands dismissed as withdrawn.

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