India Glycols Limited has informed the Exchange about Scheme of Arrangement
INDIAGLYCO · price
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On the reaction day the stock moved 2.8 pts less than Nifty Microcap 250 and 2.7 pts less than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Glycols Limited (IGL) has withdrawn its earlier Composite Scheme of Arrangement and replaced it with a Modified Scheme that focuses only on the demerger part. The amalgamation of Kashipur Holding Limited (KHL) into IGL has been dropped. The approved Modified Scheme involves demerging two businesses into separate listed entities: the Bio Pharma Undertaking into Ennature Bio Pharma Limited (EBL) and the Spirits and Biofuel Undertaking into IGL Spirits Limited (ISL). Share exchange ratios are 1 EBL share for every 3 IGL shares held, and 1 ISL share for every 1 IGL share held. Both resulting companies will seek listing on BSE and NSE. IGL's own shareholding pattern (61.01% promoters, 38.99% public) remains unchanged, and the same proportions will carry over to EBL and ISL. The Spirits and Biofuel Undertaking contributed about 78% of IGL's FY24 turnover (₹6,188.82 crore), while Biopharma contributed about 3% (₹250.47 crore).
Existing IGL shareholders will receive shares in both EBL and ISL in addition to their IGL holdings, giving them direct exposure to focused Bio Pharma and Spirits & Biofuel businesses. IGL will continue as a focused green chemicals and performance chemicals company. The move is aimed at unlocking value through independent listing and attracting focused investors, but the significant size of the Spirits and Biofuel segment being separated could materially reshape IGL's revenue base post-demerger.