Hindusthan National Glass & Industries Ltd (HNGIL) shares are delisting from BSE and NSE. This follows an NCLT-approved resolution plan for the company's insolvency, meaning its equity will cease trading on the exchanges.
Hindusthan National Glass will issue 87.40 Cr new equity shares at INR 10 each, raising INR 8740 Cr. This preferential placement to KRPV Fire Fite and its nominees funds the NCLT-approved resolution plan for the company's acquisition.
Hindusthan National Glass & Industries (HNGIL) Monitoring Committee meets Sept 18 to approve issuing equity shares via private placement. This issuance is part of the approved resolution plan for Independent Sugar Corporation's (INSCO) acquisition of HNGIL.
Company withdraws its plan for a specific cut-off date related to share identification numbers. With trading already halted, this date is no longer required for the suspension process.
HNGIL's Monitoring Committee approved initiating capital reduction and increasing authorized share capital from 511.50 Cr to 1,000 Cr. This is a key step in the company's restructuring under its resolution plan following acquisition by INSCO.
