LEEL Electricals Limited Announces Capital Restructuring Post Acquisition by Krishna Ventures Limited

LEEL Electricals Limited, in accordance with Regulation 31(4) of SEBI (SAST) Regulations, 2011, has disclosed a declaration made by its promoters regarding encumbrance in the company's equity shares. The company is under liquidation proceedings initiated by the Hon’ble Company Law Tribunal Allahabad Bench (NCLT) on 06.12.2021. The NCLT approved the sale of the company as a going concern to Krishna Ventures Limited (KVL/Acquirer) on 21.03.2024. The Liquidator issued the Sale Certificate on 12.06.2024. The Board of Directors has approved the cancellation and extinction of the existing equity share capital, reducing the shareholding of the erstwhile promoters/promoter group to zero. The existing public shareholders' shareholding will be reduced to 1 (ONE) equity share against every 43 (FORTY-THREE) shares held. The company will allot 5,43,011 equity shares to eligible public shareholders and preferentially issue and allot 1,02,60,000 equity shares to the Acquirer & its Affiliate/Nominee/Strategic Investors. The listing and dematerialization of the equity shares are under process.