SEPC Limited Converts 24,236,652 Partly Paid-Up Shares to Fully Paid-Up After Rights Issue Call Money Receipt

SEPC Limited has provided an update on its ongoing rights issue, disclosing the receipt of first and final call money and the subsequent conversion of a portion of its partly paid-up equity shares into fully paid-up equity shares. The development was communicated to the stock exchanges on May 09, 2026.

Rights Issue Call Money Update

SEPC Limited informed the exchanges that, out of the total 49,291,505 partly paid-up equity shares issued and allotted on a rights basis pursuant to the Letter of Offer dated May 22, 2025, the Company has received call money for only 24,236,652 partly paid-up equity shares. This update follows the previous intimation dated April 13, 2026, which pertained to the First and Final Reminder Cum Forfeiture Notice issued in respect of the outstanding partly paid-up equity shares.

Board Approval for Conversion

The Rights Issue Committee of the Board of Directors, at its meeting held on May 09, 2026, approved the conversion of the 24,236,652 partly paid-up equity shares—for which call money was received—into fully paid-up equity shares of the Company. The key details of this development are summarised below:

Parameter: Details Total Partly Paid-Up Shares (Outstanding): 49,291,505 Shares for Which Call Money Received: 24,236,652 Shares Converted to Fully Paid-Up: 24,236,652 Rights Issue Letter of Offer Date: May 22, 2025 First & Final Reminder Notice Date: April 13, 2026 Board Committee Approval Date: May 09, 2026

Key Highlights

The call money was received against 24,236,652 out of 49,291,505 outstanding partly paid-up equity shares.

The Rights Issue Committee approved the conversion of these shares into fully paid-up equity shares at its meeting on May 09, 2026.

The rights issue was conducted pursuant to the Letter of Offer dated May 22, 2025.

The First and Final Reminder Cum Forfeiture Notice was previously issued on April 13, 2026.

The disclosure was signed by T. Sriraman, Company Secretary and Compliance Officer of SEPC Limited, and submitted to both the National Stock Exchange of India Ltd. and BSE Limited for their records.

SEPC Limited has disclosed an update under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertaining to an order passed by the Hon'ble High Court of Madras on April 30, 2026. The order was uploaded on the court's portal on May 5, 2026, and was submitted to the stock exchanges on May 6, 2026, by Company Secretary and Compliance Officer T. Sriraman.

Background of the Proceedings

The matter relates to execution petition proceedings referenced as E.P. Nos. 91 and 92 of 2023, 7 of 2024, and 15 and 16 of 2025, along with Application No. 1812 of 2026. By an earlier order dated February 19, 2026, the court had attached the trade receivables of SEPC Limited (Judgment Debtor 2, or JD2) to the extent of ₹154,63,23,499. SEPC Limited subsequently applied to raise the order of attachment, asserting its inability to pay salaries and discharge statutory liabilities on account of the attachment. The consortium of lenders, represented by Punjab National Bank as lead bank, also applied to raise the attachment.

Key Interim Directions Issued by the Court

In partial modification of the earlier order dated February 19, 2026, the Hon'ble Mr. Justice Senthilkumar Ramamoorthy issued the following interim directions on April 30, 2026:

Direction: Details Consortium of Banks (Appropriation): Permitted to appropriate a maximum of ₹15.69 crore from the Trust & Retention Account (Account No. 10431131001821) JD2 – SEPC Limited (Salary Dues): Permitted to utilise a maximum of ₹2 crore exclusively for payment of salaries JD1 – Twarit Consultancy Services Pvt. Ltd. (Deposit): Directed to deposit ₹2.5 crore with the Registrar General of the High Court within 15 days by way of fixed deposit JD1 – Twarit Consultancy Services Pvt. Ltd. (Affidavit): Directed to file an affidavit specifying the source of funds for payment of ₹7.5 crore per quarter by the next date of hearing Next Hearing Date: June 23, 2026

The court also noted that the consortium of banks had not provided details of the total amount available in the Trust and Retention Account as on the date of hearing, despite being expressly directed to do so. Only the amount received by way of trade receivables — approximately ₹7,13,72,038 as on April 29, 2026 — was specified. The court directed that additional details, including the average monthly amounts received in the Trust and Retention Account, be provided in an additional affidavit on the next date of hearing.

Financial Impact on SEPC Limited

SEPC Limited has stated that the interim directions and appropriation are being dealt with under an indemnification arrangement. The company noted that it stands fully indemnified against any matters arising out of the Arbitral Award, in terms of the indemnification agreement dated September 29, 2015, with Twarit Consultancy Services Private Limited and Shri Housing Private Limited. Accordingly, the company has stated there is no direct quantifiable financial impact on SEPC Limited from the current order.

Authority and Order Details

The following table summarises the key disclosure details as submitted by SEPC Limited in Annexure I to its regulatory filing:

Parameter: Details Authority: Hon'ble High Court of Madras Order Date: April 30, 2026 Order Upload Date: May 5, 2026 Case References: E.P. Nos. 91 & 92 of 2023, 7 of 2024, 15 & 16 of 2025; A No. 1812 of 2026 Violations/Contraventions: Not Applicable Financial Impact: No direct quantifiable impact on SEPC Limited

The matter has been listed for further hearing on June 23, 2026, at which point the consortium of banks is required to submit the additional affidavit with complete details of the Trust and Retention Account.

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