Reliance Capital Ltd revealed on Thursday that the NCLT has given the green light to the resolution plan put forth by IndusInd International Holdings Ltd (IIHL) for Reliance Capital, effective February 27, 2024. Consequently, Reliance Capital’s equity shares are slated for delisting from the stock exchanges, complying with NCLT’s directive alongside SEBI’s (Delisting of Equity Shares) Regulations, 2021.
Reliance Capital emphasized that the liquidation value for equity shareholders stands at NIL, translating to no compensation for shareholders and no forthcoming offers. As per the NCLT Approval Order, the entire existing share capital of Reliance Capital is slated for cancellation and nullification without any compensation, leaving IIHL and/or the Implementing Entity as the sole shareholders.
Reliance Capital further stated that stock exchanges will initiate the necessary procedures for delisting the equity shares of Reliance Capital, adhering to the approved resolution plan and pertinent regulations, including the SEBI (Delisting of Equity Shares) Regulations, 2021, with subsequent orders or directives expected to follow suit.
