Supreme Infrastructure India Limited has informed the Exchange about General Updates
SUPREMEINF · price
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Supreme Infrastructure India has issued a second corrigendum to the notice of its EGM held on October 21, 2024, to correct errors and fill in missing details in the Explanatory Statement related to its preferential issue. The preferential issue covers up to 12.74 crore equity shares and convertible warrants at Rs. 86.94 per share, aggregating up to Rs. 1,108.34 crores. This includes Rs. 641.59 crores of fresh equity shares for cash, Rs. 192.25 crores of convertible warrants, Rs. 235 crores of equity via conversion of unsecured promoter loans, and Rs. 39.50 crores via conversion of secured loans from lenders such as SBI, Union Bank, and Bank of India. The proceeds will primarily be used to repay lenders as part of a debt restructuring scheme approved by financial creditors and pending before the NCLT Mumbai Bench, along with Rs. 50 crores each for working capital and preference share redemption, and Rs. 83.84 crores for general corporate purposes. Post-issue, the total share count will rise sharply from about 2.57 crore to 15.32 crore shares, and promoter holding will jump from 34.68% to 52.15%.
Existing shareholders will face significant equity dilution (nearly 6x expansion of share base), but promoter control strengthens as their stake rises substantially. The capital raise is tied to a critical debt restructuring exercise, so its successful execution could ease the company's debt burden and improve financial health, while any delays or NCLT setbacks could keep the stock under pressure.