NSE, BSE clear composite scheme; BIL to file with NCLT
BHAGYANGR · price
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Bhagyanagar India (BIL) has received no adverse observation letters from BSE (Dec 22) and NSE (Dec 23) for its composite scheme of arrangement. The scheme involves amalgamation of Bhagyanagar Copper (BCPL) into BIL, and demerger of part of BIL into Tieramet Limited. BIL will now file the scheme with NCLT Hyderabad. Tieramet will seek stock exchange listing as part of the deal.
Removes a key regulatory hurdle. Shareholders and creditors will vote next, followed by NCLT approval and Tieramet listing.