Outcome of Board Meeting held on July 17, 2025 for (i) Reduction and Consolidation of Share Capital (ii) Preferential Allotment pursuant to the Resolution Plan.
Awaiting price reaction for this filing.
The board approved a reduction and consolidation of share capital effective June 17, 2025, as part of the company's approved Resolution Plan. Public shareholders' shares were consolidated in a 100:1 ratio — from 1,01,00,000 shares to 1,01,000 shares (face value moved from Rs. 10 to Re. 0.10 and then consolidated back to Rs. 10). Promoter shareholding, which was zero, remains zero at this stage. The board also approved a preferential allotment of 19,15,000 equity shares at Rs. 10 each (aggregating Rs. 1.91 crore) to Newage Intermediaries LLP, the Resolution Applicant, which now becomes the new Promoter. Post-allotment, the company's total paid-up equity capital will stand at 20,16,000 shares of Rs. 10 each (Rs. 2.02 crore). The actions are pursuant to the NCLT order dated July 14, 2023 and the approved Resolution Plan dated August 1, 2023.
Existing public shareholders will see their share count drastically reduced 100:1 as part of the resolution plan execution, while a new promoter (Newage Intermediaries LLP) has been inducted with a controlling stake through fresh equity infusion. This represents a major corporate restructuring event tied to the company's insolvency resolution, fundamentally changing the shareholding pattern.