Omkar Speciality Chemicals Limited has announced a five-step capital restructuring plan under its insolvency resolution process. The plan includes complete capital reduction to NIL per NCLT order dated July 31, 2025, fresh equity issuance to Resolution Applicant at INR 10 face value, and achieving minimum public shareholding through 5% OFS mechanism. The company will seek stock exchange approvals before implementing the share allotment process.

Omkar Speciality Chemicals Announces Capital Restructuring Plan Under Insolvency Resolution Process

Omkar Speciality Chemicals Limited, currently under the Corporate Insolvency Resolution Process (CIRP), has announced a comprehensive restructuring plan following its approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016. The company was admitted into CIRP via order dated December 5, 2022.

Capital Restructuring Framework

The restructuring plan encompasses five key steps designed to reorganize the company's capital structure and ensure regulatory compliance. The plan was communicated to both BSE Limited and National Stock Exchange of India Limited on April 28, 2026, by Ajit Kumar, Chairperson of the Monitoring Committee.

Step Action Details 1 Capital Reduction Entire share capital to be reduced to NIL 2 Fresh Equity Issuance New shares at INR 10 face value to Resolution Applicant 3 Exchange Approval In-principle approval from stock exchanges 4 Share Allotment Resolution Applicant to hold 100% paid-up capital 5 Public Shareholding 5% OFS to achieve minimum public shareholding

Implementation Timeline and Process

The capital reduction will be executed as per the Hon'ble NCLT order dated July 31, 2025, which mandates the complete reduction of the company's existing share capital to NIL. Following this, the company will pass an enabling resolution in the Monitoring Committee meeting to authorize the issuance of fresh equity shares with a face value of INR 10 each to the Resolution Applicant.

Regulatory Compliance Measures

To ensure compliance with SEBI regulations, the company will file applications with stock exchanges for obtaining in-principle approval for the proposed issue and allotment of equity shares. Post-approval, the company will circulate a letter of offer to the Resolution Applicant, who will then subscribe to the fresh equity shares at face value.

Minimum Public Shareholding Achievement

In the final phase, the company will undertake an Offer for Sale (OFS) of 5% of equity shares held by the promoter/promoter group through the stock exchange mechanism. This step is specifically designed to ensure compliance with SEBI's Minimum Public Shareholding requirements.

The restructuring plan represents a significant milestone in the company's insolvency resolution process, providing a clear roadmap for capital reorganization and regulatory compliance under the monitoring of the appointed committee.

Omkar Speciality Chemicals Limited has officially notified stock exchanges about setting April 29, 2026 as the record date for extinguishment and cancellation of existing shares under its resolution plan. The monitoring committee meeting held on April 15, 2026 approved this key corporate restructuring measure as part of the company's ongoing insolvency resolution process.

Regulatory Compliance and Record Date

The company has issued formal disclosure to BSE Limited and National Stock Exchange of India Limited under Regulation 42 read with Regulation 30 of SEBI Listing Regulations. The record date determination follows the resolution plan approved by the National Company Law Tribunal (NCLT) Mumbai bench on July 31, 2025.

Parameter: Details Record Date: April 29, 2026 Regulatory Framework: SEBI Listing Regulations 42 & 30 Legal Basis: Companies Act 2013, IBC 2016 NCLT Approval Date: July 31, 2025 Script Code (BSE): 533317 NSE Symbol: OMKARCHEM

Share Cancellation and New Issuance Details

The extinguishment will affect the entire existing shareholding structure, covering all equity shares of ₹10 each held by existing promoters, promoter groups, and public shareholders. The monitoring committee has simultaneously approved the issuance of 50,00,000 new equity shares through preferential allotment:

Allotment Parameter: Details Allottee: IFFAS Kshitij SPV LLP Number of Shares: 50,00,000 Face Value: ₹10 per share Issue Price: ₹10 per share (at par) Total Consideration: ₹5,00,00,000 Payment Mode: Cash Issue Type: Private Placement Basis

Key Management Appointments

The monitoring committee has approved strategic leadership appointments to strengthen the company's management structure. Mahendra Kumar Jain has been appointed as Chief Financial Officer, bringing over 46 years of manufacturing industry experience including 40 years in the plastic industry. Kuldeep Menaria has been appointed as Company Secretary and Compliance Officer, contributing over 6 years of expertise in corporate secretarial and regulatory compliance.

Position: Appointee Experience Chief Financial Officer: Mahendra Kumar Jain 46 years manufacturing industry Company Secretary: Kuldeep Menaria 6 years corporate compliance Monitoring Committee Chair: Ajit Kumar Resolution Professional Appointment Date: April 15, 2026 Both positions

Financial Arrangements and Corporate Structure

The monitoring committee has approved borrowing facilities up to ₹20,00,00,000 from Kshitij Polyline Limited to support operations under the resolution plan. Additionally, the earnest money deposit provided by the Successful Resolution Applicant prior to resolution plan approval will be treated as debt forming part of the ₹2,190 lakhs funding under the resolution plan.

Financial Parameter: Details Borrowing Limit: ₹20,00,00,000 Lender: Kshitij Polyline Limited Loan Type: Without conversion option Resolution Plan Funding: ₹2,190 lakhs

Corporate Insolvency Background

Omkar Speciality Chemicals Limited was admitted into Corporate Insolvency Resolution Process (CIRP) via order dated December 5, 2022. The current share cancellation and restructuring measures are being implemented under the resolution plan approved by NCLT Mumbai bench, with Ajit Kumar serving as Chairperson of the Monitoring Committee and erstwhile Resolution Professional.

Source: None/Company/INE474L01016/975889f6-f1d9-446c-bf56-56743883951a.pdf

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