SEPC Ltd (previously referred to as Shriram EPC Ltd) has mentioned that Dubai-based Mark AB Capital LLC has picked up a 26.48 per cent stake within the firm for ₹350 crore. That is a part of a restructuring of SEPC Ltd underneath the burdened asset provisions of the Reserve Financial institution of India, in keeping with an announcement.
On account of this, Mark AB capital turns into the promoter and the biggest shareholder of SEPC Ltd. The present promoter (SVL Ltd) will stop to be a promoter. As a part of the rejig, the consortium of bankers has transformed a part of their debt into CCDs and NCDs.
Preferential allotment
A number of days in the past, the corporate knowledgeable the inventory exchanges that its Board accredited the allotment of two,43,40,000 fairness shares of ₹10 every on a preferential foundation to Mark AB Capital as accredited by the shareholders and the decision plan accredited by the lenders.
The Board of SEPC has been reconstituted and NK Suryanarayanan, who was non-executive non-independent director, has been appointed because the Managing Director for 3 years from September 24, 2022.
For 2021-22, SEPC Ltd had recorded a complete earnings of ₹311.74 crore towards ₹553.24 crore within the earlier yr on a standalone foundation. The loss widened to ₹249.01 crore towards a lack of ₹182.88 crore.
Burdened belongings
The corporate has been within the strategy of implementing a decision plan underneath June 7, 2019, RBI Round on Prudential Framework for decision of burdened belongings involving fairness ₹350 crore infusion by Mark AB Capital to handle the stress on money flows and allow the corporate to bid for brand spanking new tasks.
The decision plan was accredited by the bankers on March 25. The revised consortium settlement – the grasp Restructuring Settlement – was signed on June 29. Recent fairness was issued to Mark AB Capital Funding LLC in tranches throughout June and July. With this transaction, Mark AB has turn out to be the promoter of SEPC Ltd.
As of March 31, 2022, the corporate’s order e book was ₹1,197 crore.
Revealed on
September 26, 2022