Disclosure of events to claim exemption under SEBI (LODR) Reg. 2015
Awaiting price reaction for this filing.
Taaza International Limited (BSE Scrip: 537392), currently under the Corporate Insolvency Resolution Process (CIRP), has disclosed three key events. First, all 8 existing promoters are being reclassified as non-promoters under SEBI Regulation 31A(9), meaning they will cease to be part of the promoter group. Second, the company is claiming an exemption from seeking shareholder approval for related party transactions, including promoter funds being converted into equity or extended as unsecured loans. Third, a Scheme of Amalgamation has been approved to merge Keto Motors Private Limited into Taaza International, with a swap ratio of 3 Taaza shares (Rs.10 face value) for every 2 Keto Motors shares. As consideration, 5.60 crore equity shares of Rs.10 each will be allotted to Keto Motors shareholders. The valuation was carried out by a Registered Valuer in October 2024, and the merger is part of the approved Resolution Plan.
This is a major restructuring event tied to Taaza International's exit from insolvency. The complete reclassification of all existing promoters and the merger with Keto Motors will completely reshape the shareholding pattern, with Keto Motors shareholders effectively becoming the new owners. Existing Taaza shareholders should expect significant dilution upon implementation of the Resolution Plan.