Notice of the court convening meeting
Awaiting price reaction for this filing.
Mangalore Chemicals & Fertilizers Ltd (MCFL) has issued notice for an NCLT-convened meeting of its equity shareholders on 16th June 2025 at 11:00 AM via video conferencing, pursuant to the NCLT Bengaluru order dated 1st May 2025 (Company Application No. C.A. (CAA) NO. 06/BB/2025). The meeting is to consider and approve a composite scheme of arrangement under which MCFL (Transferor Company) will amalgamate into Paradeep Phosphates Limited (PPL, Transferee Company), with MCFL shareholders receiving equity shares of PPL in lieu. The cut-off date for e-voting eligibility is 6th June 2025, with remote e-voting open from 11th June to 15th June 2025. The scheme has already received CCI approval (30 July 2024), observation letters from BSE (27 Feb 2025) and NSE (28 Feb 2025), along with valuation reports and a fairness opinion. The merger aims to create one of the largest integrated private-sector fertilizer companies in India, combining similar and complementary businesses for cost synergies and scale benefits.
MCFL shareholders will vote on whether to merge the company into Paradeep Phosphates Limited, with the deal requiring majority support both overall and from public shareholders. If approved and sanctioned by the NCLT, MCFL will cease to exist as a separate entity and shareholders will receive PPL equity shares per the exchange ratio — a key catalyst event that could materially impact MCFL's stock price ahead of the 16th June vote.