The Board of PTL Enterprises Ltd. entered into a scheme of arrangement to spin-off Artemis Global Life Sciences Ltd.
The transaction was approved by the Board of PTL Enterprises and is subject to the sanction of the relevant High Courts, the approval of the creditors and shareholders of PTL Enterprises and statutory, regulatory and other approvals. The meeting of the shareholders of PTL Enterprises will be held on July 4, 2016. The transaction was approved by Hon'ble High Court of Kerala on December 16, 2016. The deal has been approved by the shareholders and unsecured creditors of PTL Enterprises. On January 20, 2017, the transaction received approval from the court of Kerala. On March 1, 2017, the National Company Law Tribunal approved the deal. As of March 17, 2017, the record date has been fixed as March 29, 2017. Chitale & Associates acted as valuer in the transaction. JM Financial Institutional Securities Ltd. provided fairness opinion to PTL Enterprises and AGLS. Satish Kumar Dinavahi of Chitale Legal acted as legal advisor to PTL Enterprises Ltd.