Discussed , considered and approved Preferential Allotment of equity share capital of the Company to the Successful Bidder & its Affiliate/ Nominee/ Strategic Investors (i.e., Allottees ....
Awaiting price reaction for this filing.
Leel Electricals' Board approved a preferential issue of equity shares to Krishna Ventures Limited (KVL, the Successful Bidder in the NCLT liquidation), its affiliates, nominees, and strategic investors, pursuant to NCLT orders dated 21.03.2024 and 23.10.2024. The restructuring cancels the entire erstwhile promoter shareholding (1.69 crore shares, ~42.11%) to zero and consolidates existing public shareholders from 2.33 crore shares down to just 5,43,011 shares (a 43:1 reduction). The preferential allotment adds 1,02,60,000 shares to KVL and its group, taking their voting power to 94.97%. The company's paid-up capital rises from Rs.54.30 lakh to Rs.10.80 crore (1.08 crore shares of Rs.10 each). Allotment price is at face value (Rs.10 per share), and new promoters include Mr. Neeraj Gupta, KVL, Freshplate Agro Foods, Ashva Energy, and Mr. Durgesh Kumar.
Existing public shareholders face a sharp ~97% dilution in their shareholding and voting power (from 57.89% to 5.03%) without any payout, as part of the IBC-driven revival. The stock now effectively becomes controlled by the KVL acquirer group, so trading should be viewed in the context of a fundamentally restructured entity under new management.