Rakesh Ramanlal Shah For and on behalf of Promoters and PAC of the Company has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Awaiting price reaction for this filing.
IMP Powers Limited has been acquired as a going concern through an e-auction under the IBBI Liquidation Process by Electrify Energy Private Limited in consortium with Rakesh Ramanlal Shah. NCLT Ahmedabad, via its order dated 5 November 2024, approved the resolution plan which involves extinguishment of existing share capital and fresh allotment of 3.23 crore equity shares of Rs. 10 each (aggregating Rs. 32.3 crore) to the new promoter consortium, plus 17 lakh equity shares (Rs. 1.7 crore) to eligible public shareholders. Rakesh Shah and his associates have been appointed as the new promoter and promoter group. The new promoter declares that they currently hold zero equity shares as of 31 March 2025, as the allotment and listing of these new shares are still pending implementation of the NCLT order.
This marks a change of control for IMP Powers, with existing shareholders seeing their capital extinguished and only a small token allotment (17 lakh shares) in return. Shareholders will need to wait for the pending allotment and relisting before any value realization; the stock remains effectively under resolution-process overhang.