Nuvoco Vistas Corporation Limited has informed the Exchange about Approval of Resolution Plan submitted for Vadraj Cement Limited by Hon ble National Company Law Tribunal, Mumbai
NUVOCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Nuvoco Vistas Corporation has informed the stock exchange that the National Company Law Tribunal (NCLT), Mumbai has approved the Resolution Plan submitted by Nuvoco for Vadraj Cement Limited. Vadraj Cement was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). With NCLT's approval, Nuvoco's plan to take over or revive Vadraj Cement has been formally cleared. The financial details of the resolution plan, including the amount Nuvoco will pay or invest, have not been disclosed in this announcement. The approval marks a key milestone in completing the acquisition process.
Positive for Nuvoco Vistas shareholders as the approved resolution plan could expand the company's cement manufacturing capacity and market presence through the acquisition of Vadraj Cement. The stock may react positively to this development, pending clarity on the financial terms of the deal.