Private Equity

Liquidity Events

EPC player Walchandnagar Ind looks to replace high-cost KKR debt

Economic Times  

Walchandnagar Industries Ltd (WIL), engaged in engineering, procurement and construction (EPC) business, has initiated talks with banks and finance companies to replace high-cost debt raised from private equity player KKR. Between July and October this year, a KKR-managed fund and its finance company acquired 24.9% equity stake of Walchandnagar Industries by invoking shares pledged by promoter and promoter group companies after the business house missed payments on debt totalling to INR 25.9 crore. KKR has refrained from invoking 25% or more stake as it would trigger an open offer as per the guidelines by the market regulator. Between mid-October and mid-November, KKR has sold 3.77% stake it held in WIL in the open market.