Announcement under Reg 30- For approval of Scheme of Amalgamation
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CIAN Agro Industries & Infrastructure Ltd's Board has approved a Scheme of Amalgamation to merge 6 wholly-owned/step-down subsidiaries (Varron Aluminium, Sec-One Sales & Marketing, Vyankatesh Engineers & Contractors, Manas Power Ventures, Avenzer Electricals & Infrastructure, and Manas Agro Industries & Infrastructure) into the listed parent company. The merger is under Sections 230-232 of Companies Act 2013 and is subject to NCLT approval, shareholder and creditor approvals. MAIIL shareholders will receive 30 CIAN equity shares for every 100 MAIIL shares held. This is a related party transaction executed at arm's length basis. The rationale includes consolidating assets, reducing legal entities, cutting compliance costs, and strengthening the capital base for growth.
Shareholders may see minimal dilution (promoter holding drops marginally from 67.61% to 67.40%) as CIAN absorbs subsidiaries to create a larger, consolidated entity with diversified revenue streams from spices, edible oil, sugar, power generation, and infrastructure sectors.