Reduction of Share Capital and Allotment of Shares as per the Resolution Plan approved by Hon''ble National Company Law Tribunal , Hyderabad Bench under Insolvency Bankruptcy Board of India ....
Awaiting price reaction for this filing.
XL Energy, which went into insolvency in March 2023, is implementing a Resolution Plan approved by NCLT Hyderabad in April 2024 under the IBC. The plan was approved by the Committee of Creditors with 73.78% voting share and involves a massive settlement: against admitted claims of around Rs. 5,404 crores, creditors will receive only about Rs. 2.95 crores. A consortium led by Ms. Karishma Jain (with Jupiter City Developers and Adwaita Navigations) will infuse Rs. 152.10 lakhs as fresh equity and be allotted 15,21,000 new equity shares of Rs. 10 each at par. Existing public shareholders' holdings of about 1.77 crore shares will be restructured down to just 80,100 shares, while all promoter, promoter group, and preference shares will be cancelled with no payment. The revised record date for this restructuring is now Wednesday, 9th July 2025, changed from the previously communicated 7th June 2025.
Existing public shareholders will see their holdings reduced by over 99% as part of the resolution process. The company plans to seek re-listing on BSE/NSE with new management, which may eventually allow trading again but existing shareholders are unlikely to benefit meaningfully from the prior equity.