Reduction of Share Capital and Allotment of Shares as per the Resolution Plan approved by the Hon''ble National Company Law Tribunal, Hyderabad Bench under Insolvency Bankruptcy Board of ....
Awaiting price reaction for this filing.
XL Energy, currently undergoing corporate insolvency, has fixed Thursday, 26 June 2025 as the record date to implement its NCLT-approved Resolution Plan (approved by Hyderabad Bench on 19 April 2024). As part of the restructuring, preference shareholders and promoter/promoter group shares will be cancelled entirely with no consideration paid. The Resolution Applicant will be allotted 15,21,000 fresh equity shares of Rs. 10 each at par in exchange for fund infusion to revive operations. Existing public shareholders, who previously held 1,77,10,818 shares (77.77% of the company), will be allotted only 80,100 shares in lieu of their existing holdings — effectively a near-total wipeout. The company, previously delisted from BSE/NSE for non-payment of fees, is being prepared for re-listing, with public shareholding required to be at least 5% initially, rising to 25% over three years.
Extremely negative for existing public shareholders — they will see their holdings reduced from over 1.77 crore shares to just 80,100 shares (a dilution of over 99%). Promoters lose their entire stake. The Resolution Applicant gains control through fresh capital infusion, and the company aims to re-list on stock exchanges after revival.