Pursuant to approved Resolution Plan, among others, the following key actions have been undertaken:
The equity shares of SFEL have been delisted from BSE and National Stock Exchange with effect from 17 June 2021.
SFEL has issued and allotted 50,000 equity shares at face value of Rs. 10 to BFISL and its nominees on a preferential basis through Private Placement.
The entire issued, subscribed and paid-up equity share capital of the SFEL i.e. 1,48,92,267 equity shares of Rs. 10 each fully-paid-up aggregating Rs. 14,89,22,670, excluding the new equity shares allotted to BFISL and its nominees as per (2) above, was cancelled and extinguished.
Subsequent to the aforesaid selective capital reduction of the equity share capital of SFEL, SFEL has become a wholly-owned subsidiary of BFISL and thus a stepdown subsidiary of the Company.
Further, funds amounting to Rs. 15 crore were infused in SFEL by BFISL by way of subscription of 40,00,000 equity shares at face value of Rs. 10 per share and issue of 1,10,000 Zero Coupon Optionally Convertible debentures at face value of Rs. 1,000 per debenture.
SFEL has made all the priority payments viz. IRP costs, the Workmen and Employee Amount and Other Operational Creditor Amount in terms of the approved Resolution Plan.
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In terms of the approved Resolution Plan, the secured Financial Creditors has been paid an aggregate amount of Rs. 75 crore by BFISL for the assignment of existing financial debt of SFEL. Upon completion of the all the above steps of the approved Resolution Plan, the Company has acquired 100% control over SFEL.
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