Simplex Infrastructures Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on Jun 23, 2025
SIMPLEXINF · price
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Simplex Infrastructures held an Extraordinary General Meeting on June 23, 2025 via video conferencing, attended by 38 members, chaired by Mr. Rajiv Mundhra. The Chairman acknowledged the company's recent financial stress and outlined the debt resolution progress, noting that a substantial portion of debt has been assigned to National Asset Reconstruction Company Limited (NARCL). The company has signed a One-Time Settlement (OTS) with ICICI Bank, which involves issuing 10 lakh equity shares as part of a debt-to-equity conversion. Additionally, under the Master Restructuring Agreement (MRA) signed with NARCL on January 15, 2025, a portion of unsustainable debt will be converted into equity, giving NARCL a 15% stake in the company on a fully diluted basis. Two special resolutions covering these debt-to-equity conversions were tabled for shareholder approval through e-voting.
If approved, these resolutions will lead to equity dilution for existing shareholders but significantly reduce the company's debt burden, potentially strengthening its financial position. Both ICICI Bank and NARCL will emerge as meaningful shareholders, and management expects the resolution plan to lay the foundation for stronger business growth in infrastructure, power, housing, and industrial construction sectors.