ISGEC Investments Pte, Singapore is a non-material wholly owned subsidiary of the company and Bioeq Energy Holdings One, Caymans Islands is a wholly owned subsidiary of Isgec Investement Pte. Singapore.
The company will sell Bioeq Energy Holdings One, Cayman Islands with its subsidiaries, step-down subsidiary companies and associate company for total consideration of $10 million (Rs 84.5 crore).
The said transaction will be completed on or before 10 March 2025.
In addition the sale of shares by Isgec Investments Pte.Singapore has entered into an agreement to assign its trade receivables from one of the step down subsidiaries at book value to Triumph Excel subject to receipt of payment of $39.05 million (Rs 330 crore). Further, Isgec Investments Pte., Singapore has also entered into an agreement to assign its loan and interest receivables from the subsidiaries at book value to triumph Excel subject to receipt of payment of $29.66 million (approximately Rs 250 crore).
Furthermore, the company’s corporate guarantees ($11 million (i.e., approximately Rs 93 crore) and stand by Letter of Credit ($23 million (i.e., approximately Rs 195 crore) given as security for the various banking facilities availed by the step-down subsidiaries will be released in due course.
ISGEC Heavy Engineering is a diversified heavy engineering company. It manufactures process equipment, presses, iron & steel castings, and boiler pressure parts.
The company’s consolidated net profit jumped 54.8% to Rs 92.57 crore on 11.6% increase in net sales to Rs 1,643.90 crore in Q2 FY25 over Q2 FY24.
The scrip hit an all-time high at Rs 1,677.25 in intraday today.