N.B.I. Industrial Finance Company Limited (NSEI:NBIFIN) entered into a draft scheme of arrangement to acquire Western India Commercial Co. Ltd. for approximately INR 260 million on September 21, 2022. As consideration, 94 fully paid up equity shares of N.B.I. Industrial Finance Company Limited will be issued for every 3 fully paid up equity shares of Western India Commercial Co.

Ltd. Western India Commercial Co. Ltd shall stand dissolved post amalgamation. As at March 31, 2022, Western India Commercial Co.

Ltd reported net assets of INR 5 billion and total revenue of INR 30.1 million. The scheme is subject to necessary statutory and regulatory approvals, including the approvals of the shareholders, creditors (as may be applicable), SEBI, the stock exchanges, the National Company Law Tribunal, the Registrar of Companies, the Official liquidator and/or such other competent statutory/regulatory authorities as may be required under applicable law. The Board of N.B.I. Industrial Finance Company Limited approved the scheme of arrangement at its meeting held on September 21, 2022.

As on May 29, 2023, N.B.I. Industrial Finance Company Limited has received the observation letter from the National Stock Exchange of India Ltd dated May 26, 2023 with respect to the draft scheme. RBSA Advisory Pvt. Ltd. acted as a financial advisor to N.B.I. Industrial Finance Company Limited.

Sumedha Fiscal Services Limited (BSE:530419) acted as fairness opinion provider to N.B.I. Industrial Finance Company.