Company, at its meeting held today, 10th July, 2025 has inter- alia considered, approved and taken on record 1. Cancellation of 14,88,927 equity shares of promoters of Rs. 10/- each 2. ....
Awaiting price reaction for this filing.
The board approved cancellation of 14,88,927 promoter equity shares and a major restructuring of public shareholdings, where public shareholders will receive only 6 new shares for every 100 held (with fractions cancelled). As a result, 1,03,03,644 public shares were cancelled and just 6,57,429 new shares allotted. Post-restructuring, promoters will hold 0% while a new 'Implementing Entity' will hold about 94.81% (roughly 1.2 crore shares), and existing public shareholders will be left with only about 5.19% of the company. The board also approved selling land and building to a related party (Buildify Terra Firma LLP), borrowing powers up to Rs. 50 crore, and investments up to Rs. 50 crore, all subject to shareholder approval.
Existing public shareholders face a massive dilution — losing roughly 94% of their holdings — as control of the company shifts almost entirely to the new Implementing Entity. This is effectively a corporate insolvency-style restructuring, meaning small shareholders will likely see very little recovery value and should carefully review the postal ballot when it is issued.