Out Come of Board Meeting
Awaiting price reaction for this filing.
The Board approved audited financial results for FY ended March 31, 2025, showing a net loss of Rs. 7,237.38 lakhs (vs Rs. 61.81 lakhs loss in FY24), with total income of just Rs. 13.55 lakhs. The loss spike is driven by exceptional items of Rs. 6,008.32 lakhs tied to the IBC resolution. The NCLT Ahmedabad approved Mercury Terra Firma as the successful resolution applicant on November 27, 2024, and the company is now implementing a major capital restructuring: all existing promoter shares will be cancelled, public shareholders will receive just 6 shares for every 100 held (a ~94% reduction), and the new promoter Mercury Terra Firma will hold 95% of the post-reduction equity. Outstanding borrowings dropped from Rs. 47.91 crore to Rs. 28.51 lakh as pre-resolution liabilities were extinguished. The statutory auditor K P J & Co. issued a qualified opinion on the financials.
Existing public shareholders face a severe ~94.8% dilution as part of the IBC resolution, while the new promoter Mercury Terra Firma takes 95% control. With no ongoing business activity as of March 31, 2025, the stock effectively represents a restructured shell awaiting revival under new management. Short-term stock price volatility is likely; long-term prospects depend on how quickly the new promoter resumes operations.