Annual Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Awaiting price reaction for this filing.
Alka India Limited underwent the Corporate Insolvency Resolution Process (CIRP), and the NCLT Mumbai bench approved its Resolution Plan on 7 February 2025. Under the approved plan, the old promoters have been suspended, although the existing shareholding pattern still records shares in their name. The company is currently working on cancelling and extinguishing the old promoters' shares, proportionately reducing existing public shareholders' holdings, and allotting fresh shares to new promoters through a preferential issue. Because of these changes, the company states it has no promoter as on 31 March 2025 and therefore cannot furnish the annual promoter disclosure required under Regulation 31(4) of the SEBI Takeover Regulations.
This marks a complete change in ownership and control of the company. Existing public shareholders will see their stakes proportionally reduced, while new promoters will come in through a preferential issue, which could lead to sharp dilution and a possible re-rating of the stock once the new management takes charge.