Description
RNIT AI Solutions Limited equity shares to be listed on BSE in XT Group from October 16, 2025, following approval of resolution plan under IBC 2016 involving capital reduction, preferential allotment, and merger.
Summary
BSE has announced the listing of equity shares of RNIT AI Solutions Limited (formerly Autopal Industries Limited) effective October 16, 2025, in the XT Group. The listing follows NCLT approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016, which involved 100% extinguishment of promoter holdings, 75% reduction in public shareholding, preferential allotment of 30 lakh shares to the Resolution Applicant, and merger with RNIT Solutions & Services Limited in a 5:1 ratio. The paid-up capital increased from Rs. 3.50 crore (34.96 lakh shares) to Rs. 74.79 crore (7.48 crore shares). Trading will be in Trade-to-Trade segment with market lot of 1 share.
Key Points
- Listing date: October 16, 2025, in XT Group
- Scrip Code: 517286, Symbol: RNITAI, ISIN: INE335Q01026
- Face value: Rs. 10 per share, Market lot: 1 share
- Trading in Trade-to-Trade segment as per BSE Circular dated February 10, 2023
- Part of special pre-open session for IPO and Other category scrips
- Record date for resolution plan implementation: November 29, 2024
- Total shares post-restructuring: 7,47,92,083 equity shares
- 30 lakh preferential shares locked-in until October 16, 2026 (Distinctive No. 417094 to 3417093)
- Registered office: Plot No. G 1-212, First Floor, Sitapura Industrial Area, Jaipur, Rajasthan, 302022
Regulatory Changes
Resolution Plan under IBC 2016:
Capital Reduction: Existing public shareholders’ holdings reduced by 75%, with 1 share allotted for every 4 shares held as on record date, resulting in 4,17,093 shares (Distinctive No. 1 to 417093)
Promoter Extinguishment: 100% elimination of existing promoter shareholding
Preferential Allotment: 30,00,000 shares at Rs. 10 each allotted to Successful Resolution Applicant with one-year lock-in period
Merger: RNIT Solutions & Services Limited merged with RNIT AI Solutions Limited in 5:1 ratio, resulting in allotment of 7,13,74,990 shares (Distinctive No. 3417094 to 74792083)
NCLT Approval: Resolution plan approved by NCLT Jaipur Bench on September 23, 2024
Compliance Requirements
For Trading Members:
- Note the listing in XT Group and Trade-to-Trade segment from October 16, 2025
- Comply with special pre-open session requirements as per SEBI circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012 dated January 20, 2012
- Observe lock-in restrictions on 30 lakh preferential shares until October 16, 2026
- Note that shares allotted in dematerialized mode have been credited under temporary ISIN as per SEBI circular CIR/MRD/DP/2
Share Structure Post-Restructuring:
- Post-reduction shares: 4,17,093 shares to existing public shareholders
- Preferential shares: 30,00,000 shares (locked-in)
- Merger shares: 7,13,74,990 shares
- Total: 7,47,92,083 shares
Important Dates
- October 14, 2025: Circular issuance date
- October 16, 2025: Listing and trading commencement date
- November 29, 2024: Record date for resolution plan implementation (already passed)
- October 16, 2026: Lock-in release date for 30 lakh preferential shares
- September 23, 2024: NCLT approval date for resolution plan
- November 22, 2024: Exchange notice fixing record date (Notice No. 20241122-8)
Impact Assessment
Impact on Stakeholders:
Existing Public Shareholders: Significant dilution with 75% reduction in holdings (3:4 consolidation), though they retain 4,17,093 shares collectively. The total shareholding base expanded dramatically from 34.96 lakh to 7.48 crore shares due to merger.
Promoters: Complete elimination of existing promoter holdings as part of IBC resolution process.
Resolution Applicant: Acquired 30 lakh shares (approximately 4% of post-restructuring capital) with one-year lock-in, becoming key stakeholder.
RNIT Solutions & Services Limited Shareholders: Received 5 RNIT AI shares for every 1 share held, representing the bulk of new shares (7.14 crore shares or ~95.4% of total).
Market Impact: Trading restricted to XT Group and Trade-to-Trade segment indicates higher risk classification and surveillance measures. Limited liquidity expected with market lot of 1 share and trade-to-trade settlement. The company’s emergence from IBC proceedings may attract distressed asset investors while requiring careful monitoring by regulators.
Impact Justification
Medium importance due to listing following IBC resolution plan with significant capital restructuring and merger, affecting existing shareholders through 75% reduction and new share allotments