XL Energy Limited has informed the Exchange about reclassification of authorized share capital of the company pursuant to NCLT approved resolution plan.
Awaiting price reaction for this filing.
XL Energy Limited has reclassified its authorized share capital as part of implementing the resolution plan approved by NCLT Mumbai on April 19, 2024. The company has converted its 11 crore preference shares (Rs. 110 crore) into equity shares, resulting in 15 crore equity shares of Rs. 10 each (Rs. 150 crore). The total authorized capital remains unchanged at Rs. 150 crore. The effective date of this reclassification is July 2, 2025. This was decided in the 7th Monitoring Committee meeting held on June 20, 2025. The reclassification simplifies the capital structure to align with the approved resolution plan involving the consortium of Karishma Jain, Jupiter City Developers, and Adwaita Navigations as the successful resolution applicant.
This is a structural change converting preference shares into equity shares with no change in total authorized capital or face value. Shareholders may see a change in the nature of their holdings, and the stock may see increased trading activity as preference shareholders become equity shareholders. The market should monitor for any further implementation steps from the resolution plan.