NCLT allows reissuance of 6% preference shares to redeem old ones
ELECTHERM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.2 pts less than Nifty Microcap 250 and 3.7 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
NCLT Ahmedabad allowed Electrotherm to issue and allot 1.095 crore 6% non-cumulative redeemable preference shares at Rs 10 each to 5 existing preference holders. This reissues about Rs 10.95 crore of new preference shares to replace old unredeemed ones on same terms (6% coupon, 2 to 20 year redemption). Non-consenting holder Ahmedabad Aviation will get its 10.5 lakh shares redeemed in cash at par. Not treated as a change in share capital.
Neutral for equity holders. No dilution or change in share capital. Old preference shares get replaced on identical terms.