Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform ....
Awaiting price reaction for this filing.
The board met on 18th April 2025 and approved key steps to implement the NCLT-approved Resolution Plan (order dated 4th March 2025) submitted by Mr. Ravikumar Gaurishankar Patel as the successful resolution applicant. The company will cancel all existing 5,46,56,000 equity shares of Rs.2 each and restructure its paid-up capital down to 5,00,000 equity shares. Promoter shareholding (100%) will be wiped out to zero, while public shareholders will keep only 1 share out of every 998 held (without any cash compensation); those holding 997 shares or fewer lose everything. The resolution applicant and his group will be allotted 4,75,000 fresh equity shares, and 25,000 shares will be issued to remaining public shareholders in proportion to their holdings. Record date for this restructuring is fixed as 30th April 2025.
Existing public shareholders will face massive dilution — virtually all their shares are being cancelled with no cash compensation, and only a tiny fraction will be retained. Control of the company effectively shifts to the new resolution applicant Mr. Ravikumar Patel, with a near-total board reshuffle (new MD, CFO, and independent directors replacing all prior directors). The stock is likely to see sharp moves and is essentially a relisting event under new management.