EPL Limited has informed the Exchange regarding Outcome of Board Meeting held on March 29, 2026 to consider and approve the Scheme of amalgamation (by way of merger by absorption) of Indovida India Private Limited with EPL Limited and their respective shareholders ( Scheme ), along with the execution of requisite agreements in relation to the Scheme.
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EPL Limited's board, at its March 29, 2026 meeting, approved the merger (by absorption) of Indovida India Private Limited into EPL Limited under Sections 230-232 of the Companies Act, 2013. The share exchange ratio is 286 equity shares of EPL (face value INR 2) for every 10,000 equity shares of Indovida India (face value INR 10). Indovida India reported turnover of INR 3,809 crore and net worth of INR 6,459 crore, while EPL reported turnover of INR 4,568 crore and net worth of INR 1,717 crore. The board also approved a Merger Implementation Agreement, a Shareholders' Agreement with Epsilon Bidco Pte. Ltd. and Indorama Netherlands B.V. (IVL), and a Transition Services Agreement. The share exchange ratio is supported by joint valuation reports from BDO Valuation Advisory and D&P India Advisory, with a fairness opinion from Ernst & Young Merchant Banking Services. The deal is subject to NCLT, SEBI, CCI, stock exchange, and shareholder/creditor approvals.
Public shareholders will face significant dilution, with their stake falling from 74.03% to 31.63%, while the promoter group stake will jump from 25.97% to 68.37% as IVL becomes a co-promoter post-merger. While the combined entity will be substantially larger and more diversified in packaging, minority shareholders may view the heavy dilution and increased promoter control negatively, which could weigh on the stock in the short term until synergies and the rationale materialize.