Dubai-based Mark AB Capital LLC has picked up 26.48 per cent stake in city-based SEPC (formerly Shriram EPC Ltd) through an equity investment of Rs 350 crore, sources said on Tuesday.
The move was part of the SEPC Ltd’s restructuring exercise under the stressed asset provisions of the Reserve Bank of India.
Mark AB Capital LLC is an investment company headquartered in Dubai and manages assets of about USD 1 billion.
“Following the recapitalisation, Mark AB Capital will become the new promoter of SEPC Ltd. As part of the restructuring exercise, the consortium of banks has converted part of the company’s debts into Compulsorily Convertible Debentures (CCDs) and Non-Convertible Debentures,” an official said.
Following the acquisition by Mark AB Capital, N K Suryanarayana has been appointed as the new managing director of SEPC Ltd.
Mark AB Capital plans to grow its businesses in India by tapping the opportunities in the infrastructure space.
“Mark AB Capital wants to take control of SEPC and this is the first acquisition they are making in India. By picking up this 26.48 per cent, they have become the single largest shareholder (of SEPC Ltd),” the official told PTI.
To a query, he said the transaction got completed last week.
SEPC Ltd is engaged in high-end engineering services and provides engineering, procurement and construction (EPC) and turnkey solutions. The company has about 407 employees, SEPC Ltd said in its website. PTI VIJ IJ SS SS
