LEEL Electricals Limited has informed the Exchange regarding 'Disclosure under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011'.
Awaiting price reaction for this filing.
LEEL Electricals Limited has filed a Regulation 31(4) declaration with the exchanges on behalf of its promoter group. The company explains the background: it was acquired as a going concern by Krishna Ventures Limited (KVL) through NCLT-approved liquidation proceedings under the Insolvency and Bankruptcy Code, with the sale certificate issued on 12.06.2024. Following the acquisition, the board approved capital restructuring including cancellation of erstwhile promoter shares to zero, reduction of public shareholding in a 1:43 ratio, proportionate allotment of 5,43,011 shares to eligible public shareholders, and a preferential issue of 1,02,60,000 equity shares to the acquirer and its affiliates/strategic investors. Promoters Neeraj Gupta, Durgesh Kumar, Krishna Ventures Limited, Freshplate Agro Foods Pvt Ltd, and Ashva Energy Pvt Ltd have all individually declared that they have not created any new encumbrance (pledge/lien) on the equity shares of LEEL Electricals beyond what was already disclosed during the financial year ended March 31, 2026.
This is essentially a routine no-new-encumbrance declaration by the promoter group after the company's CIRP-driven change of control. For shareholders, it confirms that the new promoters are not pledging the shares acquired via preferential allotment, which is mildly reassuring and removes a potential overhang on the stock.