Board approves share allotment under IBC Resolution Plan

Under its approved IBC Resolution Plan, Blue Blends India board approved major equity restructuring. Existing promoter shares of 1.15 crore were cancelled without payment. Public shareholder shares of 1.01 crore were cancelled with new shares allotted in a 4:150 ratio. Additionally, 50 lakh fresh shares were allotted at Rs 10 each on preferential basis to Amit Shah (10,000 shares) and Neolite Polymer Industries (49.9 lakh shares).