Isgec Heavy Engineering Ltd. announced a significant setback in its planned divestment of step-down subsidiary Bioeq Energy Holdings One. The buyer, Triumph Excel Limited, has failed to fulfill its payment obligations and other commitments under the Sale and Purchase Agreement (SPA) executed on December 09, 2024.

Transaction Details

The sale, which was set to conclude by September 15, 2025, involved Isgec Heavy Engineering's wholly-owned subsidiary, Isgec Investments Pte. Ltd., Singapore, disposing of its entire shareholding in Bioeq Energy Holdings One, Cayman Islands. This transaction would have resulted in seven companies ceasing to be step-down subsidiaries and associate companies of Isgec Heavy Engineering, including entities in Singapore, Netherlands, and Philippines.

Multiple Delays and Final Default

The completion of the transaction had already experienced multiple extensions:

• Initially scheduled for March 10, 2025
• Extended to May 10, 2025
• Further postponed to July 15, 2025
• Final deadline set for September 15, 2025

These extensions were primarily attributed to procedural delays faced by the buyer in obtaining approvals and securing funds from their bankers.

Impact and Next Steps

The failure of this transaction represents a significant hurdle in Isgec Heavy Engineering's divestment strategy. The company has stated that it will keep stakeholders and stock exchanges informed of any further developments regarding this matter.

Company Statement

Kalyan Ghosh, Compliance Officer of Isgec Heavy Engineering Limited, confirmed in the official disclosure: "Our wholly owned subsidiary and Seller, Isgec Investments Pte. Limited, has informed us today, i.e., September 15, 2025, that the Buyer has failed to make the requisite payments and fulfil other obligations as stipulated under SPA and related documents executed in this regard."

The company remains committed to transparency and will continue to provide updates as the situation unfolds. Investors and stakeholders are advised to monitor further announcements from Isgec Heavy Engineering regarding the future of this transaction and any potential alternative strategies the company may pursue.

Isgec Heavy Engineering Limited has announced a change in its record date for dividend entitlement, moving it from September 08, 2025, to September 09, 2025. This revision comes in response to recent developments in the financial calendar and regulatory requests.

Reasons for the Change

The company cited two primary reasons for this adjustment:

1. The Reserve Bank of India (RBI) declared September 08, 2025, as a clearing/settlement holiday on September 04, 2025.
2. The National Stock Exchange of India Limited (NSE) requested the change via email on September 04, 2025, following their circular no. NCL/CMPT/70039 of the same date.

Impact on Shareholders

Shareholders should take note of the following key points:

• The new record date for dividend entitlement is Tuesday, September 09, 2025.
• Shareholders whose names appear in the Register of Members on this revised date will be eligible to receive the dividend.

Corporate Communication

Isgec Heavy Engineering has taken steps to ensure all relevant parties are informed of this change:

• The company has notified BSE Limited, National Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL), and their Registrar & Share Transfer Agent about the revised record date.
• This information has also been uploaded on the company's official website at www.isgec.com for public access.

Compliance and Transparency

The revision adheres to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move demonstrates Isgec Heavy Engineering's commitment to regulatory compliance and transparent communication with its shareholders and the market at large.

Investors and shareholders are advised to take note of this change and adjust their financial planning accordingly. For any further clarifications, stakeholders can refer to the official communication available on the company's website or contact their financial advisors.