Ballarpur Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 16/04/2025 ,inter alia, to consider and approve Intimation for Board Meeting ....
Awaiting price reaction for this filing.
Ballarpur Industries has called a board meeting on April 16, 2025, primarily to adopt the audited consolidated financial statements for three financial years — FY21, FY22, and FY23 — which are pending approval. The board will also consider allotment of 0.01% unlisted non-cumulative redeemable preference shares of ₹100 each on a private placement basis, in one or more tranches. The filing reiterates that trading in the company's equity shares remains suspended since June 23, 2023, as per the Resolution Plan approved by the NCLT under Section 31 of the Insolvency and Bankruptcy Code, 2016, which involved extinguishment and write-down of existing paid-up equity capital.
For shareholders: this signals an ongoing insolvency-driven restructuring, with a backlog of multi-year financial results still pending board adoption. The preference share allotment may bring in fresh capital but also adds to the company's liabilities. Existing equity holders face continued uncertainty as the share capital has already been written down under the approved resolution plan.