Description

RNIT AI Solutions Limited equity shares to be listed in XT Group effective October 16, 2025, following NCLT-approved resolution plan involving capital reduction, preferential allotment, and merger.

Summary

RNIT AI Solutions Limited (formerly Autopal Industries Limited) will list its equity shares on BSE in the XT Group effective October 16, 2025. The listing follows an NCLT-approved resolution plan under the Insolvency and Bankruptcy Code, 2016, which involved complete promoter exit, 75% reduction in public shareholding, preferential allotment of 30 lakh shares, and merger with RNIT Solutions & Services Limited. The total paid-up capital increased from Rs. 3.50 crore (34.96 lakh shares) to Rs. 74.79 crore (7.48 crore shares).

Key Points

  • Equity shares to be listed in XT Group and trade in Trade-to-Trade segment from October 16, 2025
  • Scrip Code: 517286, ISIN: INE335Q01026, Symbol: RNITAI
  • Face value: Rs. 10 per share, Market lot: 1
  • Total issued capital: 7,47,92,083 equity shares of Rs. 10 each
  • 100% extinguishment of existing promoter holdings
  • Public shareholders’ holdings reduced by 75% (1 share for every 4 shares held)
  • 4,17,093 shares allotted post capital reduction to existing public shareholders
  • 30,00,000 shares allotted on preferential basis to Successful Resolution Applicant
  • 7,13,74,990 shares allotted pursuant to merger with RNIT Solutions & Services Limited at 5:1 ratio
  • Lock-in of 30 lakh preferential shares until October 16, 2026
  • Security will be part of special pre-open session for IPO and Other category scrips
  • Record date for resolution plan implementation was November 29, 2024

Regulatory Changes

The listing follows NCLT Jaipur Bench order dated September 23, 2024, approving the resolution plan under the Insolvency and Bankruptcy Code, 2016. Trading will be conducted in accordance with BSE Circular no. 20230210-55 dated February 10, 2023 (Trade-to-Trade segment) and SEBI circular nos. CIR/MRD/DP/01/2012 & CIR/MRD/DP/02/2012 dated January 20, 2012 (special pre-open session).

Compliance Requirements

  • Trading members must note the security’s placement in XT Group and Trade-to-Trade segment
  • Members must adhere to special pre-open session requirements for this scrip
  • Lock-in restrictions apply to 30,00,000 preferential shares (distinctive numbers 417094 to 3417093) until October 16, 2026
  • Shares allotted in dematerialized mode have been credited under temporary ISIN as per SEBI circular CIR/MRD/DP/2

Important Dates

  • October 14, 2025: Notice date
  • October 16, 2025: Effective date for listing and commencement of trading
  • November 29, 2024: Record date for resolution plan implementation (as per Notice No. 20241122-8)
  • October 16, 2026: Lock-in release date for 30 lakh preferential shares
  • September 23, 2024: NCLT order date approving resolution plan

Impact Assessment

High Impact on Existing Shareholders: The resolution plan resulted in dramatic capital structure changes with 100% promoter exit and 75% dilution of public shareholders. Existing public shareholders received only 1 share for every 4 shares held, significantly reducing their holdings.

Capital Structure Transformation: The paid-up capital increased over 21-fold from Rs. 3.50 crore to Rs. 74.79 crore through the combination of capital reduction, preferential allotment, and merger.

Trading Restrictions: Placement in XT Group and Trade-to-Trade segment indicates enhanced surveillance, limiting trading flexibility and potentially affecting liquidity.

New Control: The Successful Resolution Applicant gains significant control through preferential allotment, while the merger with RNIT Solutions & Services Limited brings new shareholders who will hold approximately 95% of the expanded capital.

Investor Consideration: The lock-in period until October 2026 for preferential shares and the company’s emergence from insolvency proceedings are important factors for market participants to consider.

Impact Justification

Major corporate restructuring involving 100% promoter exit, 75% public shareholding reduction, preferential allotment, and merger resulting in significant change to capital structure from 34.96 lakh to 7.48 crore shares