The resolution plan of Reliance Industries-Assets Care and Reconstruction Enterprise (RIL-ACRE) consortium to acquire Sintex Industries has been approved by the committee of creditors (CoC), the company said in a regulatory filing to the exchanges on Sunday. The beleaguered textile company was undergoing insolvency procedures.
The e-voting on approval of the 'Resolution Plan' was concluded in late hours of Saturday. The bid which was put up for e-voting was duly approved by "100% CoC members", the filing said. "As per Resolution Plan of Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited it is proposed that existing share capital of the company shall be reduced to zero and the Company will be delisted from the stock exchanges i.e., BSE and NSE," it added.
On Thursday, the shares of Sintex Industries closed at Rs 8.25, up 0.6 per cent. Stock exchanges were shut on Friday on account of Holi. Since January 1, 2022, however, the shares of the textile company fell 58 per cent, data showed.