Mukand Limited (BSE:500460) agreed to acquire the remaining stake in Mukand Engineers Limited (NSEI:MUKANDENGG) for approximately INR 200 million, in a scheme of amalgamation, on July 16, 2018. As per terms of the scheme, Mukand Limited will issue its 5 shares for every 13 shares of Mukand Engineers Limited. Currently, Mukand Limited holds 36.1% stake in Mukand Engineers Limited. The equity shares to be issued by Mukund in consideration of the amalgamation shall be listed on the stock exchanges. The transaction is subject to approval by the shareholders, creditors, Securities and Exchange Board of India, Reserve bank of India, the stock exchanges, the income tax authorities, the Registrar, Official liquidator, the National Company Law Tribunal, and/or such other competent statuary/regulatory authorities as may be required under applicable law. As on July 16, 2018, the transaction was approved by the Board of Mukand Limited and Mukand Engineers Limited. The transaction is approved by stock exchanges. There will be no change in the shareholding pattern of Mukand Engineers Limited pursuant to the amalgamation of Mukand Engineers Limited with Mukand since Mukand Engineers Limited will be dissolved without winding up. SPA Capital Advisors Limited acted as fairness opinion provider to Mukand Engineers Limited. Ashika Capital Limited acted as fairness opinion provider to Mukand Limited. Sharp & Tannan acted as an accountant to Mukand in the transaction.

Mukand Limited (BSE:500460) cancelled the acquisition of the remaining stake in Mukand Engineers Limited (NSEI:MUKANDENGG) in a scheme of amalgamation on April 23, 2020.