Reliance Capital shares soon to get delisted from stock market exchanges
As a part of the Approved Resolution Plan following an order from the National Company Law Tribunal [NCLT], the shares of Reliance Group company Reliance Capital will be delisted from the stock exchanges.
According to the exchange filing, the NCLT has been conferring approval to the resolution plan for the company, paving the way for the potential delisting of existing equity shares from the exchanges. Under the procedure, under SEBI, [Delisting of Equity Shares] Regulations, 2021, it has been decreed that the equity shares of the company will be delisted from stock exchanges.
The liquidation value assigned for the company’s equity shareholdings is standing at nil which implies that they will not receive any form of compensation or offer in the delisting process.
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The filing states that the Approved Resolution Plan initiated by the NCLT includes provisions for the delisting of the company’s existing equity shares that align with the broader restructuring strategy outlined in the plan.
The entire existing share capital of RCL is proposed to be cancelled and extinguished for nil consideration under the NCLT Approval Order such that IIHL and/or the Implementing entity, and its nominees, are the only shareholders of the Corporate Debtor.
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