Kalpataru Power Transmission Limited (BSE:522287) entered into a scheme of amalgamation to acquire remaining 32.3% stake in JMC Projects (India) Limited (BSE:522263) for INR 5.3 billion on February 19, 2022. Pursuant to the scheme, JMC?s shareholders (other than Kalpataru ) will be allotted one share of Kalpataru Power Transmission Limited (KTPL) against every four shares held by them in JMC. Pursuant to the scheme becoming effective, JMC will be dissolved without being wound up. The scheme is subject to receipt of necessary approvals from the Hon'ble National Company Law Tribunal, statutory authorities, stock exchanges, the Securities and Exchange Board of India, shareholders, creditors and such other authorities, as may be required. The Board of Directors of Kalpataru Power Transmission Limited and JMC Projects (India) Ltd. approved the scheme on February 19, 2022. As of December 30, 2022, JMC and Kalpataru Power have mutually fixed January 11, 2023 as the Record Date for the purpose of determining the shareholders of the JMC to whom the equity shares of KPTL would be allotted, pursuant to the Scheme. As of December 21, 2022, the transaction has been approved by the NCLT of India. The merger is expected to be completed in Q4FY23. Anand Rathi Advisors acted as fairness opinion provider to JMC while JM Financial Limited (BSE:523405) acted as fairness opinion provider to KTPL. Anisha Chand and Sharad Abhyankar of Khaitan & Co acted as legal advisor to KTPL and JMC. Ernst & Young Merchant Banking Services Private Limited acted as independent valuer and financial advisor to KTP.

Kalpataru Power Transmission Limited (BSE:522287) complete the acquisition of the remaining 32.3% stake in JMC Projects (India) Limited (BSE:522263) on January 4, 2023.