Description

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

Summary

BSE has announced the listing of equity shares of Aanchal Ispat Limited (Scrip Code: 538812) effective December 17, 2025, in the XT Group of Securities. The listing follows an NCLT-approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016, which involved substantial capital restructuring including 100% extinguishment of promoter holdings, capital reduction for existing public shareholders, and preferential allotment to the Successful Resolution Applicant. The securities will trade in the Trade-to-Trade segment with partial lock-in restrictions.

Key Points

  • Listing Date: December 17, 2025
  • Trading Group: XT Group, Trade-to-Trade segment
  • Scrip Code: 538812
  • Scrip ID: AANCHALISP
  • ISIN: INE322R01022
  • Face Value: Rs. 10/- per share (fully paid-up)
  • Market Lot: 1 share
  • Total Shares Post-Restructuring: 28,33,331 equity shares
  • New Equity Shares on Capital Reduction: 1,42,608 shares
  • Preferential Allotment: 26,90,723 shares
  • Distinctive Numbers: 1 to 28,33,331
  • Lock-in: 19,83,332 shares (Distinctive No. 142609 to 2125940) locked until February 1, 2027
  • Pre-open Session: Applicable as per SEBI Circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012
  • Registered Office: J.L. No. 5, Mouza Chamrail, National Highway No. 6, Howrah, West Bengal - 711114

Regulatory Changes

The listing is pursuant to an NCLT-approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016. The Hon’ble NCLT, Kolkata Bench, approved the Resolution Plan vide Order dated March 27, 2025. The restructuring involved:

  1. Promoter Holdings: 100% extinguishment of existing promoter shareholding
  2. Public Shareholder Capital Reduction: Existing public shareholders’ holdings of 1,41,61,700 equity shares (worth Rs. 14,16,17,000/-) reduced from face value of Rs. 10/- to Rs. 0.10/- per share, then consolidated back to Rs. 10/- face value
  3. Preferential Allotment: 26,90,723 fully paid-up equity shares of Rs. 10/- each allotted to Successful Resolution Applicant and its representative
  4. Capital Restructuring: Issued, subscribed and paid-up share capital reduced from Rs. 20,85,37,500/- (2,08,53,750 shares of Rs. 10/- each) to Rs. 2,83,33,310/- (28,33,331 shares of Rs. 10/- each)

Compliance Requirements

  • Market Participants: Must note the listing in XT Group and Trade-to-Trade segment restrictions as per Exchange Notice No. 20230210-55 dated February 10, 2023
  • Trading Restrictions: Securities will continue to trade in Trade-to-Trade segment
  • Pre-open Session: The scrip will participate in special pre-open session for IPO and Other category as per SEBI guidelines
  • Temporary ISIN: Currently equity shares allotted in dematerialized mode have been credited under temporary ISIN per SEBI Circular No. CIR/MRD/DP/21/2012 dated August 2, 2012
  • Lock-in Compliance: 19,83,332 shares are subject to lock-in until February 1, 2027

Important Dates

  • NCLT Order Approval: March 27, 2025
  • Record Date: April 30, 2025 (as per Exchange Notice No. 20250423-6 dated April 23, 2025)
  • Listing Date: December 17, 2025 (Wednesday)
  • Lock-in Release Date: February 1, 2027 (for 19,83,332 shares)

Impact Assessment

For Existing Shareholders: Highly dilutive impact as existing public shareholders’ holdings were reduced from face value of Rs. 10/- to Rs. 0.10/- and then consolidated, representing approximately 90% reduction in capital value. Promoter holdings were completely extinguished.

For Resolution Applicant: Gains controlling stake through preferential allotment of 26,90,723 shares (approximately 94.97% of post-restructuring capital).

Market Impact: Limited broader market impact as the company will trade in restricted XT Group and Trade-to-Trade segment, indicating higher risk profile. The listing provides an exit opportunity for resolution and marks the company’s emergence from insolvency proceedings.

Trading Implications: Trade-to-Trade segment classification requires delivery-based trading with no intraday squaring off, limiting liquidity and speculative activity.

Impact Justification

Corporate insolvency resolution involving capital restructuring and new listing in XT group. Significant for existing shareholders due to capital reduction but limited broader market impact.