Dubai’s Mark AB Capital invests 350 cr in SEPC

Mark AB Capital LLC has invested 350 Crore and has picked up 26.48% of fresh equity in SEPC Limited. This is part of a restructuring of SEPC Limited under the Stressed Asset Provisions of the Reserve bank of India and hence does away with the need to make an open offer to other shareholders.

As a result of the development, Mark AB Capital becomes the promoter of SEPC Limited, while the existing promoter SVL Limited will cease to be a promoter, henceforth.

The Board of SEPC has been reconstituted, with the existing board appointed by SVL Limited stepping down and N K Suryanarayana has been appointed as the managing director of SEPC Limited, a note from the company said. 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 company’s EPC business both in India and in the Middle East region by tapping into the opportunities in the infrastructure space, including water projects.

While the 350 crore investment for fresh equity has gone to the banks to slash the existing debts, as part of the restructuring, the consortium of bankers has converted part of the debt, of another 350 crore, into CCDs and NCDs. Consequently, SEPC’s existing debt has come below 200 crore. The consortium has also paved way for the company to utilise its sanctioned working capital requirements from now on, enabling SEPC to handle operations smoothly.

Source