IFFCO withdraws NCLT plea, sells 49% stake in Triumph Offshore to SEL for Rs 440 crore.
IFFCO withdraws plea at NCLT against Triumph Offshore and Swan Energy Ltd (SEL) after selling its 49% stake to SEL for Rs 440 crore. The initial plea sought to restrain Triumph Offshore and SEL from issuing shares or securities for loan repayments without IFFCO's approval, as pre-paying debt could lead to shareholding dilution. Triumph Offshore is a joint venture between IFFCO and SEL to set up a Floating Storage and Regasification Unit (FSRU) with SEL holding 51% stake.
June 29, 2024
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