Aanchal Ispat Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 18/04/2025 ,inter alia, to consider and approve Aanchal Ispat Ltd has informed ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board will meet on 18 April 2025 to implement a Resolution Plan approved by NCLT Kolkata on 27 March 2025 under the Insolvency and Bankruptcy Code. Mr. Mukesh Goel was declared the Successful Resolution Applicant, with a total plan value of Rs. 54.50 crore approved by the CoC with 100% voting. The board will consider cancelling 66,92,050 promoter equity shares (32.09% holding), reducing face value from Rs. 10 to Re. 0.10 per share, then consolidating back to Rs. 10 face value (resulting in 1,41,617 shares). Finally, Mr. Goel will infuse Rs. 2.69 crore by subscribing to 26,90,723 fresh equity shares, giving him 95% ownership while existing public shareholders retain 5%.
This represents a complete change in control - existing public shareholders will be diluted to just 5% as the new promoter takes 95% stake. Promoter shares are being extinguished entirely as part of the IBC revival. The stock may see significant volatility and reduced liquidity given the massive change in shareholding structure.