The Board of Directors approved the Scheme of arrangement of merger of Avisa Private Limited and Banil Castings Private Limited with National Fittings Limited. The Compony will issue ....
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National Fittings Limited (NFL) has received Board approval for a Scheme of Amalgamation where Avisa Private Limited and Banil Casting Private Limited will merge into NFL. No cash consideration is involved - shareholders of the transferor companies will receive NFL shares based on exchange ratios. For every 1,000 equity shares of Avisa, shareholders will receive 1,03,098 NFL shares. For every 1,000 equity shares of Banil, shareholders will receive 472 NFL shares. The ratios are based on a valuation report by Anurag Singal (Registered Valuer) and a fairness opinion from Jajodia Equity Advisors Services Limited. The scheme is proposed under Section 230-232 of the Companies Act, 2013.
Existing NFL shareholders will face dilution as new shares are issued to Avisa and Banil shareholders. The acquisition of these two private companies may expand NFL's business operations and asset base, which could be positive for long-term value.