Insolvency application filed against Prime Securities
Prime Securities, a provider of diversified, investment banking and corporate advisory services, has informed the exchanges that an insolvency petition has been filed by Strategic Credit Capital Private Limited before the National Company Law Tribunal, Mumbai Bench, against the Company.
Prime Securities in the exchange filing has said that Strategic Credit Capital is neither a financial creditor nor an operational creditor of the company, and that it will vigorously defend the said petition.
Prime Securities is a licensed and a Securities and Exchange Board of India (SEBI)-regulated entity which is authorized to advise and arrange financial services under a Category 1 Merchant Banking License and is head quartered in Mumbai, India.
It specializes in providing value added advice and services to our clients on complex strategic and financial decisions and transactions focused around fund raising, mergers & acquisitions, equity & debt private placements, initial public offerings, corporate advisory, and capital restructuring.
The NSE and BSE-listed firm posted Rs 11.2 crore profit on a revenue of Rs 47 crore in FY23 compared to Rs 17 crore profit on a revenue of Rs 46 crore in the previous year. The company also has cash and cash equivalent of Rs 57 crore.
Prime Securities have clients like Piramals, Mahindras, JSW Group, Vodafone Idea, YES Bank, R-ADAG, IRB Infra, Edelweiss, InCred, Avanse Financial, Welspun, Future Group, Wadias, Indostar, VA Tech Wabag and several more.
The company takes pride in highlighting some of its big-ticket transactions that involved ideation & structuring for Deep Discount Rights Issue for M&M Financial Services (INR 3,089 Cr); NFB facilities for Vodafone Idea (INR 2,000+ Cr) and cross Border funding for Bombay Burmah (INR 143 Cr). It also facilitated structured credit of Rs 7,500 crore to Piramal group. Prime Securities is led by N Jayakumar, who is the managing director of the company.
Strategic Credit Capital is a New Delhi-based company engaged in financial intermediation.
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