Ashapura Intimates Fashion Board Approves Share Cancellation & Capital Reduction
Ashapura Intimates Fashion Ltd's Board of Directors met on September 24, 2026, to approve significant corporate actions as per a National Company Law Tribunal (NCLT) order dated June 3, 2025. The board approved the cancellation and extinguishment of 37,20,692 equity shares held by pre-liquidation promoters and promoter group. Additionally, capital reduction for pre-liquidation public shareholders was approved, reducing their holding to 5,00,000 equity shares, with a ratio of 1 new share for every 43 existing shares. The board also approved the issuance of 95,00,000 new equity shares on a preferential basis to the nominee of the successful bidder, who will be considered a promoter. These actions are subject to necessary regulatory approvals.
Key Highlights
- Board approved cancellation of 37.2 lakh shares of pre-liquidation promoters.
- Capital reduction approved for public shareholders to 5 lakh shares.
- Issuance of 95 lakh new equity shares approved on preferential basis.
- New nominee of successful bidder to be considered a promoter.
- All approvals are subject to necessary regulatory authorities.
Price Impact
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