PI Industries' board has approved converting its Optionally Fully Convertible Debentures (OFCDs) in wholly-owned subsidiary PI Health Sciences (PIHS) into equity shares.

This internal capital restructuring involves OFCDs valued at **Rs. 10,000 Cr**. PIHS, a Pharma Contract Research, Development, and Manufacturing Organisation (CRDMO) with a turnover of **Rs. 58.05 Cr**, will allot 72.46 crore equity shares at Rs. 13.80 each.

This move strengthens PI Industries' consolidated balance sheet and reinforces its growing CRDMO business.

There's no cash consideration or change in PIHS's 100% ownership by PI Industries.