RNAVAL: Do not fall for this.
Recently, RNAVAL (Reliance Naval, erstwhile Pipavav Shipping) was subjected to an NCLT hearing for a resolution proposal by Swan Energy-led Hazel Mercantile consortium plan. Since then, the share had hit 5% upper circuit daily, hinting there might be something for the shareholders of the now bankrupt shipping company. But, it's not so.. This is purely a pump and dump trap set by "powers that might be" to lure in retailers for their hard earned money. Let's see what's in store for the existing shareholders of RNAVAL via this resolution plan . According to the resolution plan, it provides for the cancelation of all currently outstanding ordinary equity shares being held by the existing shareholders, subject to the issuance of one fresh equity share of the face value of Rs 10 for every 275 ordinary equity shares held by the existing shareholder. Thus, 73,75,91,263 existing equity shares of the face value of Rs 10 each will become 26,82,150 ordinary equity shares of R...
