IMP Powers Ltd to allot shares to Electrify Energy via NCLT order
IMP Powers Limited is set to allot 3.23 crore shares to Electrify Energy Private Limited and 17 lakh shares to public shareholders following an NCLT order dated November 5, 2024. The allotment, pending stock exchange approval, results from an e-aquisition under IBBI regulations. Rakesh Ramanlal Shah has been appointed as a promoter following the transaction.
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IMP Powers Limited will issue 3,23,00,000 equity shares to Electrify Energy Private Limited and 17,00,000 shares to eligible public shareholders pursuant to an order by the National Company Law Tribunal (NCLT), Ahmedabad. The resolution follows the acquisition of the target company as a going concern through an e-auction conducted under the Insolvency and Bankruptcy Board of India (IBBI) regulations. The total issuance amounts to ₹32.30 crore for the successful auction purchaser and ₹1.70 crore for public shareholders.
The NCLT order, dated 05.11.2024 in case IA 1387 (AHM) 2024 in CP (IB) 203 of 2020, granted relief and concessions allowing for the extinguishment and reduction of existing share capital. Electrify Energy Private Limited participated in the auction in consortium with Rakesh Ramanlal Shah. As a result of the order, Shah and his associates have been appointed as the promoter and promoter group of IMP Powers Limited.
The company has filed an application for in-principle approval with the stock exchanges to facilitate the listing of these shares. Until such approval is granted, the allotment of the shares and their subsequent listing remain pending. The disclosure was submitted by Rakesh Ramanlal Shah to BSE Limited and NSE Limited under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Rakesh Ramanlal Shah declared that neither he nor the promoter group, along with Persons Acting in Concert (PAC), held any equity shares of the target company as on 31st March, 2026. Furthermore, no encumbrance was made on the equity shares during the financial year ending on that date.
The following table details the proposed share allotment:
| Allottee | Number of Equity Shares | Face Value (₹) | Total Amount (₹) |
|---|---|---|---|
| Electrify Energy Private Limited (Consortium with Rakesh Ramanlal Shah) | 3,23,00,000 | 10 | 32,30,00,000 |
| Eligible Public Shareholders | 17,00,000 | 10 | 1,70,00,000 |
What is the expected timeline for receiving in-principle approval from the stock exchanges for the listing of these shares?
What strategic changes or operational turnaround plans does the new promoter group intend to implement for IMP Powers Limited?
How will the extinguishment and reduction of existing share capital impact the company's balance sheet and future capital structure?
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