Supreme Infrastructure India Limited has informed the Exchange about General Updates
SUPREMEINF · price
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Supreme Infrastructure India Limited has issued 'Corrigendum 2' to the Notice of its Extra Ordinary General Meeting, originally issued on September 28, 2024 (EGM held October 21, 2024) and first corrigendum dated October 17, 2024. The new corrigendum updates the proposed preferential allotment plan, covering roughly 13 crore equity shares in total, broken into four parts: about 36.58 lakh shares for cash, 20.06 lakh convertible warrants, 2.70 crore shares on conversion of unsecured loans, and 45.43 lakh shares on conversion of secured loans from lender banks. Notable allottees include promoter group entities led by Vikram Sharma (Managing Director) and public-sector banks like SBI, Union Bank of India, and Bank of India, which are converting their outstanding secured loans into equity. A separate corrigendum to the Valuation Report dated November 12, 2024 was also attached, clarifying pricing provisions under the company's Articles of Association.
This is largely a procedural update to the EGM notice, but the involvement of PSU banks converting debt to equity suggests ongoing debt restructuring. Existing shareholders should expect meaningful dilution, as the post-allotment holding of the listed allottees jumps to around 83.89% of the expanded share capital.