Jain Resource Recycling converts AED 1.7064 million loan into Jain Ikon equity, raising stake to 99.74%
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Jain Resource Recycling converted an unsecured AED 1.7064m (₹44.5cr) working-capital loan into equity, lifting its stake in UAE subsidiary Jain Ikon to 99.74% with no cash outlay. The subsidiary has ceased operations, carries negative net worth, and saw revenue collapse, suggesting balance-sheet cleanup ahead of a planned divestment. The announcement is company-specific with limited broader market read-through.
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Jain Resource Recycling executed a debt-to-equity conversion on August 25, 2026, turning an outstanding loan of about ₹44.50 crore (AED 1.7064 million) into equity in its subsidiary, Jain Ikon. The transaction lifted its holding from 70% to 99.74%. The loan was originally approved on May 28, 2024, under a USD 10 million facility. After the deal, Jain Ikon has ceased operations and has a negative net worth.
