Board okays 1.2 cr share preferential issue worth Rs 12 cr under NCLT plan

The board approved issuing 1.2 crore equity shares (face value Rs 10) on a preferential basis, aggregating to Rs 12 crores. This is part of implementing the NCLT-approved Resolution Plan after the company underwent Corporate Insolvency Resolution Process. Post-allotment, existing public shareholders will hold about 5%, while new allottees will hold about 94.81%. Top allottees include Pratik Kakadia (51.35%) and Ramjibhai Kakadia (30.13%). The company will also apply to BSE for in-principle listing approval.