| As already reported by delWine, the promoters have agreed to infuse Rs 750 million through a combination of asset sale and issuance of fresh equity in fiscal 2011-2012.
Indage Vintners informed the Bombay Stock Exchange last Friday that the meeting had been held in accordance with the directions of the Hon'ble Bombay High Court.
As directed by the court, the meeting was convened for the Equity Shareholders, Secured Lenders, Preference Share Applicants, Unsecured Lenders, Fixed Deposit Holders and other Creditors. DelWine has learnt that barring one creditor, all others were of the opinion that the company should be given an opportunity to get back on tracks and try to survive.
The Company has also informed the Bombay Stock Exchange (BSE) as per the statutory requirement that the various stakeholders had approved certain amendments to the Composite Scheme of Arrangement and Compromise between Industrial Agencies Indage Pvt. Ltd. ('IAIPL' or the `Transferor Company') and Indage Vintners Ltd. (`IVL' or the `Transferee Company' or `the Company') and their respective Shareholders and the Creditors of Indage Vintners Ltd. under the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 and the amended Scheme with the requisite majority.
The proposed asset sale is likely to fetch Rs 490 million and the balance will be collected through the issue of a fresh equity capped to a maximum of 25 million shares, as part of scheme.
Indage owes secured & unsecured lenders about Rs. 5 billion. This debt will be cleared over a period of seven years. It has a secured debt & interest of Rs 2.648 billion. According to the report, secured lenders will be issued shares at Rs 18.64. Sicom, SBI & ICICI Bank are the largest secured lenders to Indage.
The company share that had been languishing at the yearly low of around Rs.25, went up to Rs.29.85 after the news was made public but it has been trading relatively low volumes since then and closed at 27.25 yesterday.
The company will soon approach High Court shortly for approval. This is likely to be granted giving time and space to the ailing company to bring it back on the tracks. Hopefully, the list of creditors includes the suppliers, grape growers and the employees who are owed money for up to 2 years or even more. It would be tragic to keep them waiting for seven years. delWine will keep the readers posted after clarification. |