Mcnally Bharat Engineering Company Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Awaiting price reaction for this filing.
McNally Bharat Engineering Company has informed the exchange that the Regulation 31(4) declaration is not applicable at this stage. The company underwent a capital restructuring under a Resolution Plan approved by the NCLT (orders dated 19th December 2023 and 3rd December 2024) and Monitoring Committee resolutions dated 22nd February 2025. With effect from 22nd February 2025, the entire shareholding of the erstwhile promoters was extinguished/cancelled, and fresh equity shares were allotted to the new (incumbent) promoter. The listing application for the new shares is currently under process with the stock exchanges, after which the corporate action will be executed in the depository system.
This is essentially a procedural update explaining why the usual promoter disclosure under SAST Regulations is not filed — the company is in the middle of completing an IBC-driven resolution process. Existing shareholders should note that old promoter shares have been wiped out and a new promoter is now in place, which represents a significant change in ownership. The actual shareholding change in demat accounts is pending stock exchange approval.