Promoters acquire 94.87% stake via preferential allotment under resolution plan

Promoter Stake BuyOwnership Changes View source PDF Explain this filing

Price reaction

Awaiting price reaction for this filing.

AI summary

Blue Blends promoters Amit Shah and Neolite Polymer Industries acquired 50 lakh fresh equity shares at Rs 10 each via preferential allotment under an approved resolution plan by NCLT and NCLAT under IBC 2016. Post-allotment, Neolite Polymer holds 94.68 percent and Amit Shah holds 0.19 percent, totalling 94.87 percent stake. Acquisition exempt from open offer under Regulation 10(1)(da).

Likely market impact

Promoters now control 94.87 percent of the company post IBC resolution. No open offer required due to regulatory exemption. Major change in control.