Isgec Heavy Engineering Limited has informed the Exchange about an Update on revised timeline for completion of the transaction of Sale/disposal of Step-down Subsidiaries- Disclosures dated December 09, 2024 and March 10, 2025, under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
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Isgec Heavy Engineering has pushed back the completion date for the sale of its step-down subsidiaries (Bioeq Energy entities in Cayman Islands, Singapore, Netherlands, and the Philippines) to Triumph Excel Limited. The deal was originally signed on December 9, 2024, with completion first expected by March 10, 2025, then May 10, 2025, and now revised to on or before July 15, 2025. The delay is due to procedural hurdles in securing approvals and the buyer's bankers' consideration. The subsidiaries being sold are classified as non-material and will cease to be step-down subsidiaries or associates once the deal closes. The transaction terms remain unchanged otherwise.
Repeated delays in closing a non-material divestment may raise minor concerns about execution risk, but since these subsidiaries are non-core and non-material, the impact on Isgec's main heavy engineering business and overall financials should be limited. Investors should watch for the actual closing by July 15, 2025 to confirm the deal goes through.