Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015- Listing Application made by Sharda Ispat Industries Limited (Resulting Company) BIFR approved Scheme of Demerger.
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Sharda Ispat Ltd has informed BSE that Sharda Ispat Industries Ltd, the resulting company formed under its BIFR-approved Scheme of Demerger, has applied to the stock exchange for listing of its equity shares. The demerger scheme was originally approved by the Board for Industrial and Financial Reconstruction (BIFR) on 21 January 2010 under the Sick Industrial Companies Act, 1985. It involves the demerger of two units of Sharda Ispat Ltd into two separate resulting companies, one being Sharda Ispat Industries Ltd. The listing of the new entity's shares is subject to approvals from the exchange and other regulators.
Existing shareholders of Sharda Ispat Ltd stand to receive shares in Sharda Ispat Industries Ltd once the listing is approved, effectively giving them a stake in a newly listed entity carved out from two of the company's units. The event itself is procedural and was based on a 2010 order, so immediate stock price impact is likely limited.