Cyrus Investments Seeks Approval to Withdraw Rs 100 Crore from Dividend Proceeds

Cyrus Investments Private Limited (CIPL) is taking steps to manage its dividend proceeds, seeking consent from its non-convertible debenture (NCD) holders for a significant withdrawal. The company has initiated a process to obtain approval for accessing funds received as dividends from its portfolio holding company.

Dividend Proceeds and Proposed Withdrawal

CIPL reported receiving a substantial cash dividend of Rs 216.80 crore from its portfolio holding company. The company is now proposing to withdraw Rs 100.00 crore from this amount, which is currently held in a deposit account. This withdrawal is intended for uses permitted under the debenture trust deed dated June 26, 2023.

Consent Process and NCD Holders

The company has sent out consent letters to the holders of its Rs 14,300.00 crore non-convertible debentures. This move is crucial as it requires the approval of NCD holders to proceed with the proposed withdrawal.

Allocation of Remaining Dividend

After the proposed withdrawal of Rs 100.00 crore, CIPL plans to manage the remaining dividend amount as follows:

• Rs 116.80 crore will be classified as excess dividend
• This excess amount will be transferred to a cash top-up account
• The transfer is scheduled to occur within one business day of the withdrawal

This strategic financial move by Cyrus Investments demonstrates the company's active management of its financial resources and its commitment to transparency with its debenture holders. The outcome of this consent process will be crucial for CIPL's immediate financial operations and liquidity management.