The Board of Directors of the Company, at its meeting held today i.e. on March 27, 2026, has approved the proposed Scheme of Amalgamation of EMA India Limited ("Transferor Company") with ....
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EMA India's board has approved a Scheme of Amalgamation to merge the company into Dynalog India Limited, under Sections 230-232 of the Companies Act, 2013. EMA India (the listed transferor company) has assets of Rs. 590.76 lakhs but zero turnover, while Dynalog India (the unlisted transferee) has assets of Rs. 9,954.27 lakhs and turnover of Rs. 8,582.44 lakhs, primarily in defence electronics. The share exchange ratio is fixed at 28 equity shares of Dynalog (face value Rs. 10) for every 25 equity shares of EMA India, as determined by the registered valuer SSPA & Co. The combined entity will have a net worth of about Rs. 51.45 crore, and Dynalog will apply to BSE for listing of its shares post-merger. The scheme is a related party transaction, as Dynalog's promoters already hold 45.03% of EMA India, and is subject to NCLT and other regulatory approvals.
EMA India shareholders will receive shares in Dynalog India instead of cash, with their shareholding in the combined entity reducing from 51.17% to 26.91% as promoter holding rises to 73.09%. The stock may see volatility as investors assess the valuation of Dynalog's defence business versus EMA's near-zero-revenue profile, and the deal carries execution risk pending NCLT and BSE approvals.