Mark AB Capital invests Rs 350 cr in SEPC

The board of SEPC has been reconstituted and N K Suryanarayana has been appointed as the managing director.

Mark AB Capital invests Rs 350 cr in SEPC
Mark AB capital becomes the promoter of SEPC and the existing promoter, SVL, will cease to be a promoter. (IE)

Dubai-based Mark AB Capital LLC has invested Rs 350 crore in the equity of SEPC (formerly known as Shriram EPC) taking a 26.48% stake in the company. This is part of a restructuring of SEPC under the stressed asset provisions of the Reserve Bank of India.

As a result of this, Mark AB capital becomes the promoter of SEPC and the existing promoter, SVL, will cease to be a promoter. As part of the restructuring, the consortium of bankers has converted part of their debt into CCDs and NCDs.

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The board of SEPC has been reconstituted and N K Suryanarayana has been appointed as the managing director. “With the current move, Mark AB Capital becomes the new promoter and they had already inducted four directors on the board,” sources told FE. SEPC’s total debt of Rs 880 crore has now been narrowed down to Rs 130 crore, after the payment of Rs 350 crore and with the conversion of another Rs 350 crore into NCDs, according to sources.

Mark AB capital is a leading investment company/ family office headquartered out of Dubai. The company has over $1 billion in assets under management and intends to grow the EPC business both in India and the broader region tapping into the opportunities in the infrastructure space.

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