Reliance, ACRE jointly emerge successful bidder for Sintex Industries Limited

The e-voting on approval of Resolution Plan for Sintex Industries Limited was concluded yesterday i.e. 19.03.2022 at 10.00 p.m. and the resolution plan submitted by Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited has been duly approved by the 100% CoC members under Section 30(4) of the Code as the successful resolution plan subject to approval of Hon'ble NCLT Ahmedabad.

As per Resolution Plan of Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited (ACRE) it is proposed that existing share capital of the Company shall be reduced to Zero and the Company will be delisted from the stock exchanges i.e. BSE and NSE.

All four compliant Resolution Plans submitted by four Resolution Applicants were put for e-voting for approval by the CoC members in accordance with Section 30(4) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Regulation 39(3) of the CIRP Regulations.

The Interim Resolution Professional is in the process of filing an application in accordance with Section 30(6) of the Code for approval of the said Resolution Plan by the Hon'ble NCLT and intimation of the same shall be given to the members as required.

Shares of Sintex Industries Limited was last trading in BSE at Rs. 8.23 as compared to the previous close of Rs. 8.21. The total number of shares traded during the day was 1299471 in over 1902 trades.

The stock hit an intraday high of Rs. 8.40 and intraday low of 8.15. The net turnover during the day was Rs. 10710832.00.

Source : Equity Bulls

Keywords

SintexIndustries INE429C01035 ResolutionPlan Reliance ACRE COCApproval NCLT