Mangalore Chemicals & Fertilizers Limited has submitted the Exchange a copy Srutinizers report of Court Convened General Meeting held on Jun 16, 2025. Further, the company has informed the Exchange regarding voting results.
Awaiting price reaction for this filing.
Mangalore Chemicals & Fertilizers (MCFL) held NCLT-convened meetings on June 16, 2025 where equity shareholders, secured creditors, and unsecured creditors voted overwhelmingly in favour of the Composite Scheme of Arrangement with Paradeep Phosphates Limited (PPL). Of the 61,380 eligible equity shareholders, 213 participated with 8,13,71,327 shares (99.99%) voting in favour and only 1,051 against. Secured creditors voted 100% in favour (Rs 674.40 crore) and unsecured creditors voted 100% in favour (Rs 139.59 crore). The scheme, filed under Sections 230-232 of the Companies Act, has already received CCI approval (July 30, 2024) and SEBI observation letters from BSE and NSE (February 2025). The resolution now awaits final sanction from the NCLT Bengaluru Bench.
This is a significant positive milestone for MCFL shareholders as it clears the shareholder and creditor approval stage of the merger. If sanctioned by the NCLT, MCFL will be absorbed into Paradeep Phosphates Limited, and MCFL shareholders will receive shares of PPL in exchange, subject to the swap ratio. The stock may react positively given the overwhelming approval, though the deal still requires final NCLT order to become effective.