As per the NCLT approved resolution plan
The Board of Raj Rayon Industries at its meeting held on 23 December 2022 has approved the allotment of 48,00,000 equity shares of the face value of Re. 1/- each upon the conversion of 1,00,000 Compulsory Convertible Preference Shares Class -A (CCPS Class -A) of the face value of Rs. 100/- each to the Financial Creditors as per the Resolution Plan (RP) of the Company approved by Hon'ble NCLT vide its order dated 5 October 2021, under Section 31 of Insolvency and Bankruptcy Code, 2016).In accordance with the terms of issue, the Company has allotted 48 (Forty Eight) equity shares of the face value of Re. 1/- each for every 1 (One) CCPS - Class A of the face value of Rs. 100/- each held by the financial creditor.
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