Outcome of Board Meeting for Allotment Pursuant to the Scheme of Arrangement.
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Yash Innoventures Ltd (formerly Redex Protech Ltd) has allotted 93,08,800 equity shares to shareholders of Yash Shelters Limited following a Scheme of Amalgamation sanctioned by the NCLT Ahmedabad Bench on March 27, 2025, under Sections 230-232 of the Companies Act, 2013. The shares were issued to 7 allottees, with Managing Director Mr. Gnanesh Bhagat receiving 92,80,000 shares (about 99.8% of the allotment) and other family members/directors receiving smaller lots. Concurrently, 2,90,900 equity shares of the Transferor Company (Yash Shelters) stand cancelled. The board meeting was held on April 17, 2025, and concluded within 30 minutes.
Existing shareholders of Yash Innoventures will face equity dilution from the new share issuance, while Yash Shelters' shareholders now hold shares in the merged entity. The merger consolidates promoter Mr. Gnanesh Bhagat's controlling stake in Yash Innoventures, which may be viewed as an internal restructuring rather than a value-accretive event for outside investors.