ATN International Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on March 09, 2026
Awaiting price reaction for this filing.
ATN International Limited has called an Extraordinary General Meeting (EGM) on March 9, 2026, to seek shareholder approval for a 98% reduction in its paid-up share capital. The company proposes to cancel and extinguish 3,86,61,000 equity shares of Rs. 4/- each, reducing the paid-up capital from Rs. 15.78 crore (3,94,50,000 shares) to just Rs. 31.56 lakh (7,89,000 shares). The purpose is to set off Rs. 15.46 crore of accumulated losses (out of total losses of Rs. 23.50 crore as on September 30, 2025) against share capital to present a cleaner balance sheet. No cash payout will be made to shareholders, and the move requires NCLT (National Company Law Tribunal) approval before becoming effective.
Shareholders will see their holdings drastically reduced — effectively, every 100 shares held will become roughly 2 shares post-reduction. While no cash is leaving the company, the move signals serious financial weakness, as the company has been incurring losses for several consecutive years and its accumulated losses exceed its share capital. The stock price may react negatively on EGM approval news, though the company claims operations and creditor obligations will remain unaffected.