We hereby inform that the Rights Issue Committee at its Meeting held today, approved the conversion of 24236652 Partly Paid- up equity shares in to Fully Paid- up equiy shares upon receipt of the final call money. Detailed letter is enclosed
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SEPC Limited has approved the conversion of 24,236,652 partly paid-up equity shares into fully paid-up equity shares after receiving the final call money. This follows a First and Final Call Notice issued on 49,291,505 outstanding partly paid-up shares that were originally allotted via a rights issue (Letter of Offer dated May 22, 2025). Only about 49% of the called shares received payment, meaning roughly 25 million shares did not receive the final call money and may be subject to forfeiture. The Rights Issue Committee approved this conversion at its meeting held on May 9, 2026.
Shareholders who paid the final call money will now have their shares converted to fully paid-up status, meaning these shares are now eligible for full voting rights and dividends. The partial response (only 49%) suggests weaker shareholder participation, and the remaining unpaid shares may be forfeited per the rights issue terms.