Revision of Outcome of Board Meeting dated 31st March, 2025
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Awaiting price reaction for this filing.
Jyoti Ltd's board has approved a revised filing regarding the preferential allotment of 59,63,636 equity shares at Rs. 55 per share (face value Rs. 10, premium of Rs. 45) to Rare Asset Reconstruction Pvt. Ltd. (now Rare Asset Reconstruction Limited). These shares were issued on conversion of debt into equity under the SARFAESI Act, 2002, meaning an asset reconstruction company has converted the company's debt into a significant equity stake. A postal ballot will be sent to shareholders to ratify this allotment. Additionally, Mr. Jignesh A. Patel has been promoted from Assistant General Manager to Deputy General Manager effective April 1, 2025. The revised filing was made in response to a BSE observation on the earlier submission.
This confirms that a debt-to-equity conversion has taken place, which will dilute existing shareholders but also reduce the company's debt burden. Investors should note that Rare Asset Reconstruction now holds a significant stake in the company as a result of this conversion.