Neueon Towers 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.
Neueon Towers Limited (formerly Neueon Corporation) was under Corporate Insolvency Resolution Process since June 2019. The NCLT Hyderabad approved a resolution plan submitted by a PRECA Solutions-led consortium on October 23, 2024, which formed an SPV called PRECA Structures Private Limited to implement the plan. The company has filed applications with NSE and BSE to reclassify the erstwhile promoters as public shareholders. The erstwhile promoters and promoter group collectively hold 2,05,29,443 equity shares, or 36.31% of the company, as on March 31, 2025, and confirm that no further encumbrance on shares was created during the financial year.
This is a routine yearly compliance filing and does not indicate any new buying or selling by the erstwhile promoters. The 36.31% stake confirms the erstwhile promoter group is well below the 50% mark, and the ongoing promoter-to-public reclassification reflects the post-resolution ownership transition under the approved insolvency plan.