Announcement under Regulation 30 (LODR) - Further disclosure in respect of Approved Resolution Plan and Order of Hon''ble NCLT Kolkata Bench dated August 14, 2025
Awaiting price reaction for this filing.
The NCLT Kolkata Bench approved the resolution plan for Hindusthan National Glass & Industries Ltd on August 14, 2025 under Section 31 of the Insolvency and Bankruptcy Code. Independent Sugar Corporation Limited (INSCO), a Bermuda-based Madhvani Group company, will acquire the company and infuse INR 2,165.58 crore (mix of equity, preference capital, and loans). Secured financial creditors will receive INR 2,115.03 crore, operational creditors INR 43.46 crore, statutory dues INR 6.55 crore, and employees INR 0.54 crore. INSCO also plans to invest about INR 1,000 crore over the next few years to rebuild furnaces, plus up to INR 380 crore for immediate refurbishment and working capital. The company entered insolvency in October 2021 and was under CIRP for nearly four years. INSCO will become the new promoter with 100% shareholding, and assenting financial creditors will receive 5% equity on the trigger date.
Existing shareholders, including the promoter group, will receive no exit consideration and all shares will be delisted from BSE, NSE, and Calcutta Stock Exchange. Existing public shareholders will lose their holdings entirely, making this effectively a total loss for current equity investors. The company will be revived as a going concern under new management with significant capital infusion, but pre-existing equity has no value.