Board approves 1.2 crore share issuance under NCLT resolution plan
Awaiting price reaction for this filing.
The board approved issuing 1.20 crore equity shares at face value of Rs 10 each, totaling Rs 12 crore, on a preferential basis under an NCLT-approved resolution plan. These new shares will form about 94.81 percent of the post-allotment capital, reducing existing shareholders to around 5 percent. Major allottees are Pratik Kakadia at 51.35 percent, Ramjibhai Kakadia at 30.13 percent, Vinod Kabra at 5 percent, Hetal Kakadia at 4.29 percent, and Shardaben Kakadia at 3.95 percent. The company has also applied to BSE for in-principle listing approval of the new shares.
Existing shareholders face steep dilution, falling to 5 percent of equity. Kakadia family members and associates gain over 94 percent under the IBC resolution plan.