SPML Infra Limited board approves preferential allotment

The Board of Directors of SPML Infra Limited in the Meeting held on 20th January, 2022, has considered and approved the fund raising proposal.

The board approved proposal to increase the Authorised Capital of the company by 65,00,000 Preference Shares of face value of Rs. 100/- each aggregating to amount of Rs. 65 Crore and altering Clause V of the Memorandum of Association of the Company, subject to the approval of members of the Company.

The board approved issue of upto 27,75,000 Equity Shares of face value of Rs. 2/- each at a price of Rs. 46/- per equity share including premium of Rs. 44/- per equity share, on preferential basis to Promoters and Promoter Group (Mr. Sushil Kumar Sethi, M/s Zoom Industrial Services Ltd. and M/s SPML India Ltd.), by conversion of their existing unsecured loans in the Company, subject to the approval of Members in General Meeting and the relevant Stock Exchanges.

The board approved issue of upto 34,04,930 Compulsorily Convertible Preference Shares (CCPS) of face value of Rs. 100/- each of the Company, aggregating to Rs 34.05 Crs, on preferential basis to Promoters and Promoter Group (M/s Zoom Industrial Services Ltd., M/s SPML India Ltd and M/s Niral Enterprise Pvt. Ltd.*) by conversion of their existing unsecured loan in the Company, subject to the approval of Members in General Meeting and the relevant Stock Exchanges. The same shall be converted into Equity Shares of the Company at Rs. 46/- including premium of Rs. 44/- per share. The said CCPs shall be converted into equity shares of the Company within 18 months of the allotment.

The Board has decided to initiate the process of preferential allotment before initiating the Rights Issue for meeting the terms of the ongoing Debt Resolution Plan, which is at the advance stage with the Lenders. Therefore, the Board has decided to proceed with the Rights Issue after Preferential allotment and implementation of the Debt Resolution Plan in the Company.

The board also approved proposal to convene an Extra Ordinary General Meeting of the Company on Monday, 21st February, 2022.

Shares of SPML Infra Limited was last trading in BSE at Rs. 53.45 as compared to the previous close of Rs. 50.95. The total number of shares traded during the day was 89353 in over 219 trades.

The stock hit an intraday high of Rs. 53.45 and intraday low of 52.00. The net turnover during the day was Rs. 4766528.00.

Source : Equity Bulls

Keywords

SPMLInfra INE937A01023 FundRaising PreferentialAllotment LoanConversion