Entering And Executing An Agreement In The Nature Of Inter Corporate Deposit
Awaiting price reaction for this filing.
C & C Constructions' board has approved a ₹50 Crore secured Inter Corporate Deposit (ICD) from Ceigall India Limited (CIL) to replace an earlier ₹50 Crore ICD from Ceigall Infra Projects Pvt Ltd (a CIL subsidiary). The funds are intended for the company's revival, supported by an ongoing NCLT application filed by R.K. Constructions under Sections 230-232 of the Companies Act. Upon NCLT approval, Ceigall India Limited is expected to initially hold up to 94% of C & C Constructions, eventually reducing to 75% in line with SEBI and IBC norms. The company has reaffirmed its focus on its core Energy EPC business, including Transmission & Distribution (T&D) EPC. Property title deeds have been pledged as security for the ICD.
Existing shareholders face significant dilution — Ceigall India Limited is set to become the holding company with up to 94% stake post-NCLT approval, before trimming to 75%. The deal provides crucial working capital for revival but signals a near-total change in control and a shift in business direction toward Energy/T&D EPC.