Sintex Plastics Technology Limited has informed the Exchange that Record date for the purpose of a) Extinguishment and cancellation of the entire existing equity shares of the Company is 14-May-2025.
Awaiting price reaction for this filing.
Sintex Plastics Technology has fixed May 14, 2025, as the record date for two key corporate actions pursuant to NCLT orders under the Insolvency and Bankruptcy Code, 2016. First, all existing equity shares of the company will be extinguished and cancelled without any payment to current shareholders. Second, simultaneously, 1,00,00,000 (1 crore) new equity shares of ₹1 each will be issued to the Acquirers. The existing shares are deemed automatically delisted from BSE and NSE, and the new shares allotted to Acquirers will not be listed on the stock exchanges either. This effectively means the current public shareholders are being completely wiped out with zero consideration as part of the liquidation-driven acquisition process approved by the NCLT, Ahmedabad Bench.
This is an extremely negative outcome for existing retail shareholders — they will lose their entire investment with no compensation as the shares are being cancelled. The stock will be delisted, and there is no exit value for current holders. Investors should not expect any recovery on their holdings.