Shareholders of erstwhile Indosolar can smile as the company shares was relisted and posted strong gains. Lising under management, the stock closed at the 5 per cent upper circuit at ₹173.31 on the BSE after opening at ₹165.06. According to BSE, the previous day’s close was ₹9.71, that means a gain of 1,685 per cent.
On the NSE, the stock closed at ₹173.32 against the opening price of ₹163.61 and the previous closing price of ₹8.25, jumping nearly 1,695 per cent.
Still at a loss!
However, erstwhile Indosolar shareholders value would have still be eroded sharply due to capital reduction. As per the Resolution Plan approved by NCLT under provision of IRC, the existing paid up share capital of the dompany of 37,20,67,116 equity shares of ₹10 each amounting to ₹372,07 crore will be reduced to 37,20,671 equity shares of face value of ₹10 each.
That means those who had held 100 shares of erstwhile IndoSolar, the number of shares would be reduced to just 1. So, the value of 100 shares in erstwhle Indoslar at ₹825 would be reduced to ₹173 on the NSE, nearly a loss of 80 per cent valuation.
Indosolar shares was listed under the ‘T’ Group with scrip ID WaareeIndo on the BSE and the NSE.
- Also read:
After the capital reduction, all the equity shares held by previous promoters was extinguished immediately without payment of any price to them.
To meet minimum public shareholding norms, Waaree Energies recently sold 1.15 per cent stake or 4.76 lakh shares in Indosolar through an offer for sale (OFS). The floor price was then fixed at ₹10 per share..