EFC (I) Limited , a company operating in the managed office and co-working space sector, has announced a significant financial restructuring within its group. The company has converted an existing unsecured loan of Rs 20 crore into 200 Compulsory Convertible Debentures (CCDs) in its wholly-owned subsidiary, EFC Limited.

Transaction Details

The key details of this financial restructuring are as follows:

About EFC Limited

EFC Limited, the subsidiary involved in this transaction, operates in the managed office and co-working space sector. The company provides workspace services to enterprises and startups, offering flexibility, speed, security, and a contemporary workplace experience.

Financial Performance

EFC Limited has shown significant growth in recent years:

The substantial increase in turnover from Rs 119.18 crore in FY 2022-23 to Rs 352.71 crore in FY 2024-25 demonstrates the company's strong growth trajectory in the managed workspace sector.

Implications of the Transaction

This conversion of an unsecured loan into CCDs represents a restructuring of existing debt into equity-convertible instruments within the group structure. Such a move may be aimed at improving the subsidiary's balance sheet structure and potentially preparing for future growth or capital raising opportunities.

Regulatory Compliance

EFC (I) Limited has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction has been reported to be conducted at arm's length, with the CCDs being subscribed at face value.

This financial restructuring underscores the dynamic nature of the managed office space sector and EFC (I) Limited's strategic approach to managing its group finances and subsidiaries' capital structures.

EFC (I) Limited , a diversified company with interests in real estate, infrastructure, and other sectors, has announced significant corporate decisions following its 41st Annual General Meeting (AGM) held on September 30. The meeting, conducted via video conferencing, saw shareholders approve several key resolutions, including the re-appointment of Mr. Nikhil Dilipbhai Bhuta as Whole-time Director for an extended term.

Re-appointment of Nikhil Bhuta

Shareholders of EFC (I) Limited have approved the re-appointment of Mr. Nikhil Dilipbhai Bhuta as Whole-time Director for a five-year term, commencing from October 1 to September 30, 2030. The resolution also included fixing his remuneration for the initial three years of this term.

Mr. Bhuta, a qualified Chartered Accountant, brings over 26 years of entrepreneurial and leadership experience to the role. His expertise spans various industries, including real estate, infrastructure, hospitality, agritech, mining, and oil & gas. Throughout his career, Mr. Bhuta has held key positions such as CFO, Country Head, and CEO, successfully executing landmark projects both in India and overseas.

Financial Statements Adoption

The AGM also saw the adoption of the company's audited standalone and consolidated financial statements for the financial year ended March 31, along with the reports of the Board of Directors and Auditors.

Appointment of Secretarial Auditor

In another significant move, the shareholders approved the appointment of M/s. Sachapara & Associates, Practicing Company Secretaries, as the Secretarial Auditor of the Company. This appointment is for five consecutive financial years, from FY 2025-26 to FY 2029-30.

Voting Results

The company reported that all resolutions presented at the AGM were passed with the requisite majority. The e-voting results showed overwhelming support for the proposed resolutions:

Closure of Trading Window

In compliance with SEBI regulations, EFC (I) Limited has announced the closure of the trading window for its designated persons and their immediate relatives. The trading window will remain closed from October 1 until 48 hours after the announcement of the financial results for the quarter and half-year ending September 30.

The AGM and its outcomes reflect EFC (I) Limited's commitment to corporate governance and strategic leadership as it moves forward in its diverse business operations.