Indo Amines Limited (BSE:524648) entered into a scheme of amalgamation to acquire Pious Engineering Private Limited for approximately INR 190 million on August 8, 2022. In consideration of the scheme, Indo Amines shall issue and allot 537 of its equity shares for every 10 equity shares held by the shareholders of Pious Engineering Private Limited. Under the scheme, 1.93 million shares of Indo Amines will be issued as consideration. On the scheme becoming effective, Pious Engineering shall stand dissolved without winding up. For the year ending March 31, 2022, Pious Engineering reported revenues of INR 34.37 million and net worth of INR 0.33 million. The Board of Directors of Indo Amines at its meeting based on the recommendation of Audit Committee and Independent Directors Committee and subject to such approvals, consents, permissions and sanctions, as may be required, approved the scheme of amalgamation of Pious Engineering Private Limited with Indo Amines Limited. The board of Indo Amines approved the scheme of Amalgamation at its meeting held on Monday, April 3, 2023. As of July 19, 2023, Indo Amines received approval from National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The Scheme of Amalgamation remains subject to receipt of applicable regulatory and other approvals.

Corporate Capital Venture Private Limited acted as fairness opinion provider for Indo Amines.