Bhagyanagar India Limited has informed the Exchange regarding voting results along with Scrutinizers report of Court Convened Meeting of equity shareholders held on March 14, 2026
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Bhagyanagar India Limited held an NCLT-ordered meeting of equity shareholders on March 14, 2026, where shareholders voted on a Composite Scheme of Arrangement. The scheme involves two parts: (1) amalgamation of Bhagyanagar Copper Private Limited (BCPL) into Bhagyanagar India Limited (BIL), with BCPL being dissolved without winding up, and (2) demerger of an identified business undertaking from BIL into its wholly owned subsidiary Tieramet Limited, with BIL shareholders receiving equity shares of Tieramet. Out of 31,995,000 total outstanding shares, 18,464,566 shares (57.71%) were polled, and an overwhelming 18,464,521 votes (99.9998%) were in favor of the resolution, with only 45 votes against. Public shareholders separately voted 73,403 in favor versus 45 against, satisfying SEBI's public shareholder approval requirement. The Scrutinizer confirmed the resolution was passed with the requisite majority.
This is a significant step forward for the restructuring plan but shareholder approval is just one of several approvals needed. The scheme still requires NCLT sanction, regulatory clearances, and likely SEBI/stock exchange observations before it becomes effective. Shareholders may want to watch for the next NCLT hearing and any final swap ratio announcement, as the effective shareholding structure of BIL and the new entity Tieramet will change once the scheme is implemented.