63 Moons Technologies shares in focus as board okays Rs 1,950 cr settlement; key details

Shares of 63 Moons technologies Ltd are in focus on Monday morning after the company board said it has approved one-time settlement of Rs 1,950 crore as proposed by NSEL Investor Forum (NIF). 63 Moons Technologies said it received overwhelming response from the traders in favour of settlement but said that the Rs 1,950 crore settlement is subject to obtaining necessary approvals and fulfilment of conditions required for protecting the interests of the company.

63 Moons Technologies shares have climbed 46 per cent in the past one month and are up 130 per cent in the past six months.

Last month, the company had informed stock exchanges that NIF, which is representing a large number of traders who in the past traded on the exchange platform of National Spot Exchange Ltd (NSEL), gave an indicative proposal on without prejudice basis for a one-time full and final settlement.

As per the proposal, an amount of Rs 1,950 crore is to be paid by 63 moons and NSEL to all remaining unpaid investors in proportion to their balance outstanding claims as on July, 31, 2024. The proposal stated that there shall not be any preferential or graded payments to any investor in terms of their outstanding dues. All the investors shall receive their outstanding dues on pro-rata basis in proportion to their outstanding amounts as on 31st July, 2024, the proposal suggested.

The Rs 5,600-crore National Spot Exchange Ltd (NSEL) payment crisis came to light in 2013, following which the NSEL exchange halted trading abruptly and failed to settle the open position.

On November 9, the company board authorised the Managing Director to convey to NIF that without prejudice basis NIF may circulate the proposal and the consent letter to all the unpaid investors, and once the consent of the majority of the unpaid investors having more than 75 per cent (Seventy-five percent) in value of the outstanding dues is obtained by NIF to the proposal, then the board will consider the proposal set out in NIF’s letter dated November 8.