Dubai-based Markab Capital has taken over the ailing SEPC Ltd. (formerly known as Shriram EPC Ltd.) by investing ₹350 crore for a 26.48% stake, as part of the restructuring plan under the stressed asset provisions of the RBI.
“With the current move, Markab Capital becomes the new promoter and they had already inducted four directors on the board,” sources said.
Six directors of SEPC have already resigned. SEPC’s total debt of about ₹880 crore has narrowed down to ₹180 crore, after the payment of ₹350 crore debt and with the conversion of another ₹350 crore into part non-convertible debentures and compulsory convertible debentures, they said.
The board of SEPC has been reconstituted with N.K. Suryanarayana as MD, it said in a regulatory filing.
Mark AB capital is a leading investment company/Family office headquartered out of Dubai. The company has over $1 billion Assets under management. It intends to grow the EPC business both in India and the broader region tapping into the opportunities in the infrastructure space.
