Promoter Group Sells 197,082 Shares in India Power Corporation Amid CIRP
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Aksara Commercial Private Limited sold 1.97 lakh shares in India Power Corporation, reducing its stake to 6.15 per cent while the company continues to undergo insolvency resolution proceedings.
✨ Key Takeaways
On Thursday, Indian benchmark indices ended marginally higher, with the Nifty 50 gaining 34.35 points, or 0.14 per cent, to close at 24,056. Amid the positive market sentiment, shares of India Power Corporation Limited closed at Rs 7.47, down 1.32 per cent from the previous close, after the company disclosed a promoter group stake sale.
Promoter Group Entity Offloads 1.97 Lakh Shares
India Power Corporation Limited informed the stock exchanges that Aksara Commercial Private Limited, a member of the company's promoter group, sold 1,97,082 equity shares through an open market transaction on the National Stock Exchange (NSE) on June 17, 2026.
The transaction involved shares worth approximately Rs 14.76 lakh. The promoter group entity informed the company about the transaction on June 24, 2026.
Promoter Holding Declines Marginally
Before the transaction, Aksara Commercial Private Limited held 6,00,65,459 equity shares, representing a 6.17 per cent stake in India Power Corporation.
Following the sale, its shareholding reduced to 5,98,68,377 equity shares, equivalent to 6.15 per cent of the company's paid-up equity share capital. The transaction resulted in a marginal reduction of 0.02 percentage points in the promoter group's holding.
Company Continues Under Insolvency Resolution
The stake sale comes while India Power Corporation Limited remains under the Corporate Insolvency Resolution Process (CIRP).
The company had earlier informed the exchanges that the National Company Law Tribunal (NCLT), Hyderabad Bench-I, through its order dated May 15, 2026, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against the company.
Consequent to the commencement of CIRP, the powers of the company's Board of Directors stand suspended, with the insolvency resolution process currently underway.
About the Company
India Power Corporation Limited, formerly known as DPSC Limited, is one of India's oldest power utilities, with operations dating back to 1919. The company is engaged in thermal and renewable power generation, electricity distribution and smart grid solutions.
The company operates a licensed electricity distribution network covering approximately 618 square kilometres in the Asansol-Raniganj industrial belt of West Bengal.
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Disclaimer: The article is for informational purposes only and not investment advice.