Prior Intimation of Meeting of Monitoring Committee to consider and approve raising of funds through private placement in terms of the Resolution Plan approved by the Order of Hon''ble ....
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries Ltd, currently under the Corporate Insolvency Resolution Process (CIRP), has informed stock exchanges that its Monitoring Committee will meet on September 18, 2025. The committee will consider and approve the issuance of equity shares on a private placement basis. This action follows the NCLT Kolkata Bench's approval on August 14, 2025 of the resolution plan submitted by Independent Sugar Corporation Limited (INSCO). The equity issuance is being carried out in terms of the approved resolution plan under the Insolvency and Bankruptcy Code, 2016.
For existing shareholders, this means further equity dilution is likely as the company raises funds as part of its resolution plan post-CIRP approval. The stock may see action as the private placement could lead to change in shareholding pattern in favour of the resolution applicant INSCO.