Update on Scheme of Merger by Absorption of the Company, Roselabs Finance Limited, Sanathnagar Enterprises Limited with Lodha Developers Limited is enclosed
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The Board of National Standard (India) Ltd has approved filing a revised Scheme of Merger by Absorption with Lodha Developers Limited. Under the revised plan, Sanathnagar Enterprises Limited (SEL) has been excluded from the original three-way merger, and only Roselabs Finance Limited and National Standard (India) Ltd will now be absorbed into Lodha Developers Limited. The share swap ratio remains unchanged, as confirmed by an addendum from the valuer (Bansi S. Mehta Valuers LLP) and fairness opinion provider (Fedex Securities). The company stated the revised scheme does not affect NSIL shareholders. The merger is still subject to approvals from shareholders, creditors, the NCLT, stock exchanges and other regulatory authorities.
The merger reduces complexity by dropping SEL from the scheme but leaves the key transaction of NSIL being absorbed into Lodha Developers intact, with no change in swap ratio for NSIL shareholders. Shareholders should watch for upcoming shareholder/creditor meetings and NCLT hearings, which are the next key milestones before the deal closes.