Deals26 Aug 2026, 12:01 pm
Jain Resource Recycling Converts ₹44.5 Cr Loan to Equity in Subsidiary
AI Summary
Jain Resource Recycling Ltd has executed a Loan Conversion Agreement with its subsidiary, Jain Ikon Global Ventures FZC. The agreement converts an outstanding loan of AED 1,70,64,000 (approximately INR 44.50 Crores) into 11,376 equity shares of Jain Ikon. This conversion increases Jain Resource Recycling's shareholding in Jain Ikon from 70% to 99.74%. The company intends to consolidate its investment in Jain Ikon, which has ceased operations and has a negative net worth, to facilitate its subsequent divestment.
Key Highlights
- Loan of AED 1,70,64,000 (INR 44.50 Cr) converted to equity.
- Subsidiary Jain Ikon's shareholding increases to 99.74%.
- Aims to consolidate investment and facilitate future divestment.
- Jain Ikon has ceased operations and has negative net worth.
Price Impact
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