Description

Neueon Towers Limited renamed to Neueon Corporation Limited with equity shares listing in T Group effective December 23, 2025, following NCLT-approved resolution plan under IBC.

Summary

BSE announces the listing of Neueon Corporation Limited (formerly Neueon Towers Limited) equity shares in T Group effective December 23, 2025. The company underwent restructuring under an NCLT-approved Resolution Plan dated October 23, 2024, resulting in capital reduction and dilution of public shareholding to 10%, with 90% allotted to the Successful Resolution Applicant (SRA). Trading will continue in Trade-to-Trade segment with special pre-open session applicable.

Key Points

  • Company name changed from Neueon Towers Limited to Neueon Corporation Limited effective December 23, 2025
  • Scrip Code: 532887, ISIN: INE333I01044
  • Total equity shares: 5,65,44,552 fully paid-up shares of Rs. 1/- each (reduced from Rs. 10/- per share)
  • Listing in T Group with Trade-to-Trade segment trading only
  • Market lot: 1 share, Face value: Rs. 1/-
  • BOLT System ID: NEUEON
  • Special pre-open session applicable as per SEBI circular requirements
  • Record date for resolution plan implementation: December 06, 2024
  • Shares currently credited under temporary ISIN in dematerialized mode

Regulatory Changes

The company listing follows NCLT Hyderabad Bench order dated October 23, 2024, under the Insolvency and Bankruptcy Code, 2016. The Resolution Plan mandates:

  • Capital reduction from Rs. 10 per share to Rs. 1 per share for public shareholders
  • Public shareholding (including erstwhile promoters) reduced to 10% of total issued capital
  • 90% shares allotted to Successful Resolution Applicant or nominees
  • Trading subject to special pre-open session per SEBI Circulars CIR/MRD/DP/01/2012, CIR/MRD/DP/02/2012 (January 20, 2012), and SEBI/HO/MRD-TPD1/CIR/P/2023/55 (April 11, 2023)
  • Compliance with SEBI circular CIR/MRD/DP/21/2012 dated August 02, 2012 for temporary ISIN allocation

Compliance Requirements

  • Market participants must note the company name change in their systems from December 23, 2025
  • Trading allowed only in Trade-to-Trade segment (no intraday trading permitted)
  • Shares listed in T Group requiring 100% delivery-based transactions
  • Special pre-open session participation mandatory as per SEBI guidelines
  • Dematerialized shares currently under temporary ISIN pending permanent allocation
  • All trades subject to BSE Notice No. 20250702-33 dated July 02, 2025 regarding T Group trading rules

Important Dates

  • December 19, 2025: Circular notice date
  • October 23, 2024: NCLT order approving Resolution Plan
  • December 02, 2024: Exchange notice regarding record date (Notice No. 20241202-57)
  • December 06, 2024: Record date for implementation of resolution plan
  • December 23, 2025: Effective date for listing and name change

Impact Assessment

High Impact on Existing Shareholders: The resolution plan significantly dilutes public shareholding from existing levels to just 10% of total capital, with massive dilution through the 90% allocation to the SRA. The capital reduction from Rs. 10 to Rs. 1 per share represents a 90% reduction in face value, impacting book value calculations.

Trading Restrictions: Continuation in T Group and Trade-to-Trade segment severely restricts liquidity, preventing intraday trading and requiring full delivery of shares. This limits trading flexibility and may impact price discovery.

Corporate Restructuring: The insolvency resolution represents a complete change in control and business direction. Public shareholders face significant ownership dilution and uncertainty regarding future business operations under new management.

Regulatory Oversight: Special pre-open session requirements and restrictive trading segments indicate enhanced surveillance, reflecting the company’s distressed history and need for investor protection measures.

Impact Justification

Significant corporate restructuring post-insolvency with 90% stake transfer to resolution applicant, capital reduction from Rs. 10 to Rs. 1 per share, and continuation in restrictive T Group trading segment affects existing shareholders substantially.