Intimation regarding Observation letter on scheme of Selective Capital Reduction received from BSE Limited
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TCFC Finance Ltd has received BSE's observation letter dated May 15, 2025, with 'no adverse observation and no objection' on its proposed Scheme of Selective Capital Reduction. The scheme, originally approved by the Board on March 28, 2024, aims to reduce and reorganise the company's paid-up share capital under Section 66 of the Companies Act, 2013. SEBI has provided 14 compliance comments covering disclosure of legal proceedings, financial details, valuation, shareholder approval by special resolution, and demat form requirements for any new shares. The observation letter is valid for six months, within which the company must file the scheme with the NCLT. The scheme still requires NCLT approval, shareholder and creditor consents, and other regulatory clearances before it can take effect.
This is a procedural milestone for a proposed capital reduction, not an immediate change. Shareholders should watch for the detailed scheme document and NCLT filing, as the reduction could affect shareholding structure and value. No immediate impact on stock price is expected until the scheme terms and shareholder voting outcomes are known.