Description

Aanchal Ispat Limited's equity shares to be listed in XT Group effective December 17, 2025, following NCLT-approved resolution plan with capital reduction and preferential allotment.

Summary

BSE announces the listing of equity shares of Aanchal Ispat Limited in the XT Group effective December 17, 2025, following approval of a resolution plan by NCLT Kolkata under the Insolvency and Bankruptcy Code, 2016. The company’s paid-up capital has been reduced from Rs. 20,85,37,500 (2,08,53,750 shares) to Rs. 2,83,33,310 (28,33,331 shares) through capital reduction and consolidation, with preferential allotment to the successful resolution applicant.

Key Points

  • Effective listing date: December 17, 2025
  • Scrip Code: 538812, Symbol: AANCHALISP
  • ISIN: INE322R01022
  • Trading group: XT Group (Trade-to-Trade segment)
  • Market lot: 1 share
  • Face value: Rs. 10/- per share
  • Total shares post-restructuring: 28,33,331 equity shares
  • 1,42,608 shares allotted post capital reduction
  • 26,90,723 shares allotted on preferential basis to successful resolution applicant
  • Distinctive numbers: 1 to 28,33,331
  • 19,83,332 shares locked-in until February 1, 2027 (Distinctive No. 142609 to 2125940)

Regulatory Changes

Resolution Plan Implementation (NCLT Order dated March 27, 2025):

  • Promoter Holdings: 100% extinguishment of existing promoter shareholding
  • Public Shareholder Impact: Existing public shareholding of 1,41,61,700 equity shares (Rs. 14,16,17,000) reduced from face value Rs. 10/- to Rs. 0.10/- per share, then consolidated back to Rs. 10/- face value
  • New Allotment: 26,90,723 fully paid-up equity shares allotted to successful resolution applicant on preferential basis
  • Capital Restructuring: Paid-up capital reduced from Rs. 20,85,37,500 to Rs. 2,83,33,310
  • Share Count: Total shares reduced from 2,08,53,750 to 28,33,331

Compliance Requirements

  • Securities will trade in Trade-to-Trade segment as per Exchange Notice No. 20230210-55 dated February 10, 2023
  • Company will participate in special pre-open session for IPO and Other category scrips as per SEBI Circular No. CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012 dated January 20, 2012
  • Shares allotted in dematerialized mode credited under temporary ISIN per SEBI Circular No. CIR/MRD/DP/21/2012 dated August 02, 2012
  • Market participants must note the lock-in restrictions on 19,83,332 shares until February 1, 2027

Important Dates

  • March 27, 2025: NCLT Kolkata approved resolution plan
  • April 23, 2025: Exchange Notice No. 20250423-6 issued
  • April 30, 2025: Record date for giving effect to resolution plan
  • December 15, 2025: Notice date
  • December 17, 2025: Effective listing date
  • February 1, 2027: Lock-in release date for 19,83,332 shares

Impact Assessment

High Impact on Stakeholders:

  • Existing Promoters: Complete extinguishment of holdings (100% dilution)
  • Public Shareholders: Severe dilution - shareholding reduced from Rs. 10/- face value to Rs. 0.10/- and then consolidated, resulting in approximately 93% reduction in share count (from 1,41,61,700 to ~14,26,080 equivalent shares)
  • New Investors: Successful resolution applicant acquires 94.98% of post-restructuring equity (26,90,723 out of 28,33,331 shares)
  • Market Operations: XT Group classification and Trade-to-Trade segment indicates high surveillance and restricted trading
  • Liquidity: Significant lock-in (70% of total shares) until February 2027 will limit free float

Corporate Restructuring: This represents a complete change of control under IBC proceedings, with substantial capital reduction protecting creditors while severely diluting existing equity holders.

Impact Justification

Significant corporate restructuring involving capital reduction from Rs. 20.85 crore to Rs. 2.83 crore, 100% promoter extinguishment, and public shareholder dilution under IBC resolution plan