Arohan Financial Services Limited (Arohan) is scheduled to hold its extraordinary general meeting (EGM) on Monday, March 28, 2022. The meeting will kick off at 15.00 hours Indian Standard Time (IST) through video conference or other audio-visual means. The company is likely to consider and pass the special resolution to issue compulsory convertible debentures (CCDS) on a private placement basis aggregating to Rs 175 crore at the interest rate of 15 per cent per annum. Subscribers include Ivy Icon Solutions LLP, which will opt for 150 CCDs whereas Kiran Vyapar Limited will subscribe for 25 CCDs. Face value of CCD is Rs 1 crore each. The notice for EGM also states that the CCDs shall be converted into equity shares of face value of Rs 10 each with the period of 21 months from the date of allotment at a price which would be determined in future.The CCDs by themselves do not give any right of voting in the company. The company will also issue compulsory convertible preference shares (CCPS) on a preferential allotment or private placement basis aggregating to Rs 175 crore at an issue price of Rs 83.76 each. It includes issuance of 1,79,08,310 CCPS to Ivy Icon Solutions LLP worth Rs 150 crore. Kiran Vyapar Limited will vouch for 29,84,718 CCPS worth Rs 25 crore at the same price. The CCPS shall be converted into Equity Shares of face value of Rs 10 each at a conversion price which will be determined as per the Term Sheet tabled before the board and as will be more particularly provided for in the transaction documents which shall be executed in relation to the issue. The company will also reclassify its authorised shares capital and subsequent amendment in the memorandum of association of the company. The authorised share capital of the company is Rs 160 crore, which is divided into 16 crore equity shares with a face value of Rs 10 each.