Signpost India Limited (NSEI:SIGNPOST) entered into a memorandum of understanding to acquire Pressman Advertising Limited (BSE:509077) on February 14, 2022. The Scheme envisages, inter alia, that the shareholders of Pressman Advertising be allotted shares of Signpost India in the ratio of one equity share of Signpost India for every one share of Pressman Advertising (Swap ratio 1:1). The transaction is subject to statutory, regulatory and other approvals including relevant third-party consents. The deal is approved by Pressman Advertising's Board of Directors. The transaction is subject to NCLT approval. As of May 26, 2023, the transaction has been approved by the Pressman Shareholders. As of June 22, 2023, the Mumbai Bench of Hon?ble NCLT had sanctioned the scheme vide its order. The Hon?ble National Company Law Tribunal, Kolkata Bench (?NCLT?) vide its order dated September 1, 2023, has sanctioned the Scheme. The scheme was approved unanimously by Signpost India on June 24, 2022. As of September 7, 2023, All the regulatory approvals for the merger are now in place and Pressman Advertising and Signpost India will take necessary steps including, fixing of record date for allotment of shares of Signpost India Limited to shareholders of Pressman Advertising Limited, and listing of equity shares of Signpost India Limited on the Bombay Stock Exchange and National Stock Exchange. As of September 9, 2023, Signpost India and Pressman Advertising got sanctioned by Hon'ble NCLT, accepted the resignation of Rajesh Narayanprasad Batra as director, and noted resignation of Khanjan Bharat Soni as company secretary and in place approved the appointment of Paulami Mukherjee as Company Secretary and Compliance officer with immediate effect.

Signpost India Limited (NSEI:SIGNPOST) completed the acquisition of Pressman Advertising Limited (BSE:509077) on September 12, 2023.