Bombay Stock Exchange (BSE) in a notification to the trading members of the exchange has informed that effective from Wednesday, September 12, 2018, the equity shares of Monnet Ispat & Energy Ltd shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities.
The Resolution Plan involving Reduction of Capital of the Company was approved by Hon'ble National Company Law Tribunal, Mumbai bench vide order dated 24/07/2018 under provisions of Insolvency & Bankruptcy Code, 2016.
As per the Resolution Plan, the paid up and subscribed equity share capital of the Company held by Non-Promoter shareholders will be reduced on a proportionate basis to 33.06% of its original value without any payout i.e. one equity share of the Company of Rs. 10/- each will be reduced to Rs. 3.30/- each.
Thereafter, the equity shares with reduced face value of Rs. 3.30/- per equity share will be consolidated into equity shares of Rs. 10/- each. Accordingly, non-promoter shareholder of the Company holding 100 equity shares will be entitled to receive 33 equity shares of the Company upon the reduction and consolidation of the equity share capital of the Company. Further, there will be 100% extinguishment of equity share Capital held by the existing promoters of the Company.