Welspun Corp has informed that Big Shot has discharged the consideration to the creditors of SPIL for an amount aggregating Rs 30 Crore in the form of Upfront Cash. Further, SPIL has entered into definitive documents for discharge of deferred consideration with the lenders for Rs 20 Crore in the form of unsecured loan to be discharged at earlier of 3 years from the Effective Date (February 24, 2023) or upon monetization of identified properties; Pursuant to the said implementation, Big Shot has merged with SPIL with effect from February 24, 2023; and Consequent to the merger as mentioned above, SPIL has allotted equity shares to the shareholders of Big Shot , WCL in accordance with the Scheme of Arrangement provided under the Approved Resolution Plan. Pursuant to the allotment of equity shares to WCL, SPIL has become the wholly owned subsidiary of WCL.
The above information is a part of company’s filings submitted to BSE.
