Announced Fri, 10 Jul · 22:01 IST
NCLT approves DEXIT preference share capital reduction, up to Rs 203 crores
Regulatory & Legal View source PDF
CLEDUCATE · price
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Price reaction · full curve 14 horizons · vs prior close
-0.6%1-day move
₹59.34
prior close
₹60.54
base price
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AI summary
NCLT Mumbai approved DEXIT Global's (formerly NSEIT) scheme to reduce up to 2.03 crore preference shares at Rs 100 face value, releasing up to Rs 203 crores to CL Educate, its 100 percent material subsidiary. CL Educate will use the proceeds to pay deferred consideration to NSEIL for the earlier acquisition of redeemable preference shares. DEXIT remains a wholly-owned subsidiary after the order.
Likely market impact
Up to Rs 203 crores inflow to CL Educate, easing the deferred payment owed to NSEIL. Neutral to mildly positive on cash flow.