Indo Count Industries Limited (BSE:521016) signed a scheme of amalgamation to acquire the remaining 25.47% stake in Pranavaditya Spinning Mills Limited (BSE:531172) for INR 92.3 million on October 21, 2020. Under the terms of the transaction, Indo Count Industries will issue and allot 2 fully paid up equity shares to the equity shareholders of Pranavaditya Spinning Mills for every 15 equity shares held by them in Pranavaditya Spinning Mills. Upon completion of the amalgamation, Pranavaditya Spinning Mills will be dissolved. Transaction would be subject to approval of the National Company Law Tribunal (Mumbai Bench), Stock Exchanges, Securities and Exchange Board of India (SEBI) and various statutory approvals, shareholders of Indo Count Industries and Pranavaditya Spinning Mills, as may be directed by the Hon'ble National Company Law Tribunal. Transaction is approved by the Board of Indo Count Industries. As of November 15, 2021, the transaction was approved by the shareholders of Indo Count Industries and Pranavaditya Spinning Mills as directed by NCLT. Ernst & Young Merchant Banking Services LLP acted as fairness opinion provider in the transaction. As of March 25, 2021, BSE Limited issued Observation /No-objection Letter and on March 26, 2021, National Stock Exchange of India Limited issued Observation /No-objection Letter. As of September 28, 2021, Indo Count Industries Limited is to convene a meeting of the Equity Shareholders of the Company on November 15, 2021. As of July 19, 2022, e Petition filed for amalgamation of Pranavaditya Spinning Mills Limited with the Company under Sections230-232 of the Companies Act, 2013 and said petition is fixed for hearing. As of October 3, 2022, the transaction has been approved by the National Company Law Tribunal of India. The transaction is expected to be closed on August 10, 2022.

Indo Count Industries Limited (BSE:521016) completed the scheme of amalgamation to acquire remaining 25.47% stake in Pranavaditya Spinning Mills Limited (BSE:531172) on October 20, 2022.