Hindusthan National Glass & Industries Limited
Incorporated in 1946, Hindusthan NationalGlass & Industries Ltd does manufacturingof container glasses
What Hindusthan files
- Others31
- Important18
- Updates5
- Board Meeting5
- QIP/Rights/Pref.2
- Results1
Hindusthan National Glass & Industries Ltd (HNGIL) shares are delisting from BSE and NSE. This follows an NCLT-approved resolution plan for the company's insolvency, meaning its equity will cease trading on the exchanges.
HNGIL's Monitoring Committee approved initiating capital reduction and increasing authorized share capital from 511.50 Cr to 1,000 Cr. This is a key step in the company's restructuring under its resolution plan following acquisition by INSCO.
Company's insolvency resolution concluded, with a Monitoring Committee now overseeing operations. The company is initiating applications to delist its NCDs and equity shares from stock exchanges. This is a major development for investors as public trading may cease.
NCLT approved INSCO's resolution plan for Hindusthan National Glass. INSCO, a glass industry veteran, will infuse INR 2,165.58 Cr, including INR 1,000 Cr for capex to revive plants. Creditors will recover ~60% of admitted claims, while existing shareholders' equity will be cancelled and delisted.
Hindusthan National Glass's Resolution Plan by Independent Sugar Corporation (INSCO) is approved by NCLT. INSCO will pay Rs. 2,257.83 Cr against Rs. 3,785.5 Cr admitted claims (~40% haircut), with Rs. 1,901.55 Cr upfront. Existing equity is cancelled. INSCO plans Rs. 1,000 Cr capex. New entity ownership: INSCO 95%, Secured Creditors...