No objection Letter received from BSE Limited for scheme of arrangement between EFC (I) Limited (Transferee) and Whitehills Interior Limited (Transferor) and their respective shareholders is attached.
EFCIL · price
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Awaiting price reaction for this filing.
EFC (I) Limited has received a 'No Objection Letter' from BSE Limited for its proposed scheme of amalgamation/merger by absorption with Whitehills Interior Limited. Under the scheme, Whitehills Interior Limited (Transferor) will merge into EFC (I) Limited (Transferee). BSE has issued a 'No Adverse Observation,' clearing the way for the company to file the scheme with the National Company Law Tribunal (NCLT). The BSE observation letter is valid for six months, and SEBI has also provided comments that the company must incorporate. The scheme was originally filed on July 20, 2023, and has now cleared the stock exchange approval stage. Effectiveness of the scheme remains subject to NCLT approval and other necessary regulatory clearances.
This is a positive regulatory milestone for the merger, as BSE clearance removes a key hurdle in the approval process. However, the merger still requires NCLT and other approvals before becoming effective, so shareholders should expect further updates. The deal could expand EFC's business through absorption of Whitehills Interior, but the exact share-swap ratio, valuation details, and impact on promoter/public shareholding will only be disclosed later in the shareholder notice.