Shree Rama Multi Tech is in the final stages of negotiation with Hindustan Seals (HSL) for selling off a controlling stake. Shree Rama has a total debt of over Rs. 3 billion.
HSL has completed the due diligence and the final decision for acquiring a controlling stake will be taken soon. HSL is a flagship company of Rs. 3.7 billion Kolkata-based Manaksia group, a leading manufacturer of crown closures and roll-on pilfer-proof caps used by the liquor industry.
Shree Rama’s principle term lender, IDBI, has recently filed a suit against the company in the Debt Recovery tribunal for recovery of its dues.
Vikram Patel, Managing Director and the main promoter of Shree Rama, holds 30 per cent equity stake along with his family members in the company.
