Whalesbook
SEPC Ltd announced it has received the final call money payments for 24,236,652 partly paid equity shares resulting from its rights issue. The company's Board of Directors has approved converting these shares into fully paid equity. This development comes despite the company having sent a First and Final Call Notice for a larger number of shares, 49,291,505, indicating that payment was secured for less than half of those notified.
This move is part of SEPC's ongoing strategy to strengthen its capital base and revive its operations following its Corporate Insolvency Resolution Process (CIRP). Converting these shares to fully paid status is a key step in bolstering SEPC's paid-up share capital and improving its financial stability. It also represents continued investor commitment, albeit partial.
SEPC Limited has undergone financial restructuring after its acquisition by the Pudumjee Group in 2021. Rights issues are a tool in its broader plan to raise capital and consolidate its balance sheet.
Shareholders who made the final payment will now hold fully paid-up equity. The company will need to address the status of the remaining partly paid shares for which payment was not received.
The significant number of investors who did not complete the final payment could signal concerns about the company's future prospects or the terms of the call. This partial participation may affect SEPC's ability to raise future capital.
SEPC's current focus on financial consolidation distinguishes it from infrastructure sector peers like L&T, PNC Infratech, and HG Infra Engineering, which typically operate with stronger balance sheets and pursue growth or expansion.
Key figures show that the final call was received for 24,236,652 shares, out of 49,291,505 shares for which notice was issued. The board approved the conversion on May 09, 2026.
Investors will be watching for the formal completion of the conversion, SEPC's plans for the unpaid shares, and its operational performance and order book growth. The market's reaction to the partial investor participation will also be a key indicator.