Legal22 Jul 2026, 04:05 pm
Electrotherm gets NCLT nod for Preference Share issuance
AI Summary
Electrotherm (India) Ltd has received approval from the National Company Law Tribunal (NCLT), Ahmedabad Bench, for the issuance and allotment of 6% Non-Cumulative Redeemable Preference Shares (NCRPS) under Section 55(3) of the Companies Act, 2013. The NCLT order dated July 21, 2026, permits the company to issue 1,09,50,000 NCRPS of Rs. 10 each to existing preference shareholders (excluding Ahmedabad Aviation and Aeronautics Limited). Upon issuance, existing unredeemed preference shares will be deemed redeemed. For Ahmedabad Aviation and Aeronautics Limited, the company will redeem 10,50,000 preference shares at par. This issuance will not alter the company's share capital.
Key Highlights
- NCLT approves issuance of 1,09,50,000 preference shares.
- Existing unredeemed shares to be deemed redeemed post-allotment.
- Ahmedabad Aviation to have 10,50,000 shares redeemed at par.
- Share capital remains unchanged by this transaction.
Price Impact
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