Description

Trading suspension imposed on CIAN Healthcare Limited (Scrip Code: 542678) with record date January 21, 2026 for capital reduction under NCLT-approved resolution plan involving complete write-off of promoter shares and reduction of public shareholding to 5%.

Summary

BSE has imposed a trading suspension on CIAN Healthcare Limited (Scrip Code: 542678) effective from January 21, 2026 (Settlement DR-803/2025-2026) in connection with equity share capital reduction under a resolution plan approved by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench. The capital restructuring involves complete write-off of promoter shareholding (67,74,897 shares representing 27.10% of paid-up capital) and reduction of public shareholding from 1,82,20,867 shares (72.90%) to 12,50,000 fresh equity shares (5% of post-restructuring capital) on a proportionate basis.

Key Points

  • Trading members advised not to deal in equity shares of CIAN Healthcare Limited effective January 21, 2026
  • Record date for capital reduction: January 21, 2026
  • Promoter shareholding of 67,74,897 equity shares (27.10% stake) will be completely written off to zero without consideration as liquidation value deemed NIL
  • Public shareholding of 1,82,20,867 equity shares (72.90% stake) will be reduced and exchanged for 12,50,000 fresh equity shares proportionately
  • Post-restructuring, public shareholders will hold 5% of total equity with 12,50,000 shares
  • All shares have face value of INR 10 per share
  • Capital restructuring approved by NCLT Mumbai Bench, Court-1 under Corporate Insolvency Resolution Process (CIRP)

Regulatory Changes

No new regulatory framework changes. This circular implements existing provisions under the Insolvency and Bankruptcy Code (IBC) and NCLT orders for capital restructuring under approved resolution plans. Trading suspension is a standard measure to prevent dealings during capital reduction implementation.

Compliance Requirements

  • Trading members must not execute any trades in CIAN Healthcare Limited equity shares from January 21, 2026 onwards
  • Members must note the suspension in their systems for Settlement DR-803/2025-2026
  • Public shareholders’ existing shares will be automatically converted to new shares on a proportionate basis as per the record date
  • No action required from public shareholders as the reduction and issuance will be processed automatically based on holdings as on January 21, 2026

Important Dates

  • Circular Date: January 16, 2026
  • Record Date: January 21, 2026
  • Suspension Effective Date: January 21, 2026
  • Settlement Number: DR-803/2025-2026

Impact Assessment

For Promoters: Complete elimination of shareholding (27.10% stake written off) with no compensation, reflecting zero liquidation value determination under the resolution plan.

For Public Shareholders: Severe dilution with approximately 93% reduction in share count (from 1,82,20,867 to 12,50,000 shares) though maintaining proportionate distribution among existing public shareholders. Post-restructuring public shareholding reduced from 72.90% to 5% of total equity capital.

For Market: Trading suspension prevents price discovery and liquidity during restructuring period. The drastic capital reduction signals significant financial distress that led to CIRP proceedings. Investors should note this represents a resolution plan under insolvency proceedings, indicating the company underwent bankruptcy protection process.

Valuation Impact: Existing shares will be consolidated at approximately 14.6:1 ratio (1,82,20,867 old shares exchanged for 12,50,000 new shares), though actual value post-restructuring depends on company’s financial recovery under the resolution plan.

Impact Justification

Major corporate restructuring under NCLT-approved resolution plan involving complete elimination of promoter shares and 93% reduction in public shareholding with immediate trading suspension