Description
BSE notifies listing of 1,05,26,315 equity shares of JTL Defence Limited effective April 27, 2026 under XT Group in Trade-to-Trade segment, following NCLT-approved Resolution Plan under IBC 2016.
Summary
BSE has notified that equity shares of JTL Defence Limited (formerly RCI Industries & Technologies Limited) will be listed and admitted to dealings on the Exchange effective Monday, April 27, 2026, under the XT Group in the Trade-to-Trade segment. The listing follows an NCLT-approved Resolution Plan under the Insolvency and Bankruptcy Code (IBC), 2016. A total of 1,05,26,315 fully paid-up equity shares of Rs. 10/- each will be available for trading.
Key Points
- Effective date of listing: April 27, 2026
- Scrip Code: 537254; Scrip ID: JTLDEFENCE; ISIN: INE140B01048
- Shares listed under XT Group, trading in Trade-to-Trade segment per Exchange Notice No. 20230210-55 dated February 10, 2023
- Company will participate in the special pre-open session for IPO and Other category scrips per SEBI Circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012
- Total shares: 1,05,26,315 fully paid-up equity shares of Rs. 10/- each
- 5,26,315 shares allotted post capital reduction
- 1,00,00,000 shares allotted on preferential basis
- Face value: Rs. 10/- each fully paid up; Market Lot: 1
- Distinctive numbers: 1 to 10526315
- Lock-in: 1,00,00,000 shares (Distinctive No. 526316–10526315) locked until April 30, 2027
Regulatory Changes
The listing arises from an NCLT-approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016. The Resolution Plan was approved by the Hon’ble NCLT, New Delhi Bench, vide order dated October 09, 2025. As part of the plan:
- The entire existing issued, subscribed, and paid-up equity share capital held by Promoters, Promoter Group members, associate companies, subsidiaries, family members of promoters, and managed trusts was cancelled and extinguished
- New equity shares were issued through capital reduction and preferential allotment to the resolution applicant
Compliance Requirements
- All market participants must note the listing effective April 27, 2026 under XT Group
- Trading must occur in the Trade-to-Trade segment — no intraday netting; every trade results in compulsory delivery
- Lock-in restriction applies to 1,00,00,000 shares until April 30, 2027; these shares cannot be traded until lock-in expires
- Participants should observe special pre-open session rules for this scrip
Important Dates
| Event | Date |
|---|---|
| BSE Notice Date | April 23, 2026 |
| Effective Listing Date | April 27, 2026 |
| NCLT Resolution Plan Approval | October 09, 2025 |
| Lock-in Expiry (1,00,00,000 shares) | April 30, 2027 |
Impact Assessment
This listing is significant for traders and investors monitoring the insolvency resolution space. The stock is placed in the XT Group under Trade-to-Trade, which imposes stricter trading conditions — all trades require full delivery settlement with no intraday squaring off. The large lock-in of 1 crore shares (approximately 95% of total shares) until April 30, 2027 means effective free float is limited to only 5,26,315 shares, which could lead to high volatility and low liquidity in the near term. Investors should exercise caution given the company’s prior insolvency proceedings and the restricted free float.
Impact Justification
Company-specific listing notice relevant to existing and prospective shareholders of JTL Defence Limited; notable due to insolvency resolution background, capital restructuring, and lock-in restrictions on majority shares.