The crisis-ridden Reliance Capital Limited (RCL) on Wednesday announced that its shares might be delisted from stock exchanges as part of the approved resolution plan.

In an exchange filing, the company said the National Company Law Tribunal (NCLT), in its approved resolution plan for the firm, is contemplating delisting of existing equity shares from the exchanges.

It was noted that the proposed steps to achieve the minimum public shareholding, as per the incoming investor or acquirer, were deemed not applicable. This decision is in line with the approved resolution plan, which outlines the delisting of existing equity shares.

“The equity shares of RCL will stand delisted from the stock exchanges in accordance with the order of the NCLT read with Sebi Delisting of Equity Shares Regulations, 2021. The liquidation value of the equity shareholders of RCL is nil, and hence, equity shareholders will not be entitled to receive any payment, and no offer will be made to any shareholder of RCL,” the company said in its filing.

“The entire existing share capital of RCL is proposed to be cancelled and extinguished for nil consideration by virtue of the NCLT approval order, such that IIHL and/or the Implementing Entity, and its nominees, are the only shareholders of the corporate debtor. The stock exchanges shall take all necessary actions to delist the equity shares of RCL in accordance with the approved resolution plan read with applicable law, including, but not limited to, the Sebi (Delisting of Equity Shares) Regulations, 2021, as amended, and shall pass necessary orders/directions to this effect,” it added.

A day earlier, the NCLT approved the resolution plan put forth by IndusInd International Holdings, an affiliate of the Hinduja Group, for Reliance Capital.

IndusInd International has submitted a proposal that includes upfront cash payment of Rs 9,650 crore, accounting for 37.03% of the initial amount claimed. The company has also proposed an amount net of Rs 50 crore for the benefit of the CoC, which will be part of the upfront cash and an additional Rs 11 crore over and above the proposed amount.