We herewith attached the Scrutinizer Report for the Postal Ballot held for the purpose of the variation in the objects of the Rights Issue as set out in the Letter of Offer dated May 22, 2025 along with Voting Results as per Regulation 44 of SEBI LODR Regulations, 2015. Detailed letter is enclosed.
SEPC · price
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On the reaction day the stock moved 1.8 pts less than Nifty Microcap 250 and 1.7 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SEPC Limited announced that shareholders have approved a variation in the objects of its earlier Rights Issue (Letter of Offer dated May 22, 2025) via a Postal Ballot with overwhelming support of 99.86% (523.19 million votes in favor vs 0.75 million against). Out of the total proceeds, Rs. 15.80 Crores will now be used for repayment/redemption of Non-Convertible Debentures (including coupon payment), while Rs. 124.20 Crores will be reallocated towards meeting the company's existing and incremental working capital requirements. The Postal Ballot notice was circulated on February 5, 2026, with the e-voting window closing on March 7, 2026. Promoters and promoter group voted 100% in favor with no dissent.
The reallocation shifts the bulk of Rights Issue proceeds (~89% of the Rs. 140 Cr reclassified amount) from NCD repayment to working capital, which may ease short-term liquidity but signals potential cash-flow stress or operational funding needs. Investors should watch for the company's debt servicing and working capital deployment efficiency going forward.