Nath Pulp and Paper Mills Limited (BSE:502407) and Nath Industrial Chemicals Limited agreed to acquire Rama Pulp & Papers Limited (BSE:502587) in a reverse merger transaction on October 30, 2017. Under the terms of the transaction, Rama Pulp & Papers Limited will issue 180 shares for every 100 shares of Nath Industrial Chemicals Limited and one share for every two share of Nath Pulp and Paper Mills Limited (BSE:502407) resulting into issuance of 13.5 million shares. The equity shares issued by Rama Pulp & Papers Limited shall be listed on Bombay Stock Exchnage. Upon completion, the name of Rama Pulp & Papers Limited will be changed to Nath Industries Limited. The transaction is subject to approval from shareholders of Rama Pulp & Papers Limited and such other person as required. Stock exchanges, Securities and Exchange Board of India, the National Company Law Tribunal at Mumbai, and others. The transaction was approved by the Board of Directors of Rama Pulp & Papers Limited, Nath Pulp and Paper Mills Limited and Nath Industrial Chemicals Limited on October 30, 2017. On September 5, 2018, the transaction was approved by National Company Law Tribunal, regulatory board. The meeting of shareholders will be held on October 9, 2018. As of October 9, 2018, shareholders of Rama Pulp & Papers Limited, Nath Pulp and Paper Mills Limited and Nath Industrial Chemicals Limited approved the transaction. The transaction is approved by National Company Law Tribunal on August 22, 2019. The transaction is expected to be closed in the quarter ending March 31, 2018. Sancheti & Co. acted as valuer. Fairness opinion provider, Chartered Capital and Investment Limited (BSE:511696) confirmed the valuation report and was approved by audit committee and Board of Rama Pulp & Papers Limited.

Nath Pulp and Paper Mills Limited (BSE:502407) and Nath Industrial Chemicals Limited completed the acquisition of Rama Pulp & Papers Limited (BSE:502587) in a reverse merger transaction on October 25,2019. The scheme has become effective on October 25, 2019 and the record date for issuance of shares is November 8, 2019