Majestic Auto Ltd Invests ₹75.79 Cr in Sharan Hospitality
Majestic Auto Ltd has commenced implementation of the Resolution Plan for Sharan Hospitality Private Limited (SHPL) following a Supreme Court order. The total resolution plan involves an infusion of ₹1,05,42,80,536. Of this, ₹76,14,80,536 is for subscribing to SHPL's securities, and ₹29,28,00,000 is via an Inter-Corporate Deposit. In the first phase, Majestic Auto invested ₹40,00,00,000 in equity shares and NCDs. In the current phase, ₹35,79,00,000 has been infused via NCDs, bringing the total infused amount to ₹75,79,00,000. Future phases include subscribing to more NCDs, receiving bonus preference shares, and extending the ICD. The acquired securities will be transferred to NovumLake Property Fund and 360 ONE Real Assets Advantage Fund.
Key Highlights
- Majestic Auto Ltd is implementing SHPL's resolution plan post Supreme Court order.
- Total resolution plan value stands at ₹1,05,42,80,536.
- ₹75.79 Cr has been infused so far through equity and NCD subscriptions.
- Remaining funds will be infused in subsequent phases.
- Acquired securities will be transferred to NovumLake and 360 ONE funds.
Price Impact
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