Outcome of Board Meeting held on April 03, 2026 for Allotment of Shares pursuant to Scheme of Amalgamation.
Awaiting price reaction for this filing.
Citizen Infoline Ltd's Board meeting on April 3, 2026 approved the allotment of 86,46,000 equity shares of Rs. 10 each to eligible shareholders of Citizen Solar Private Limited (Transferor Company). The Hon'ble NCLT, Ahmedabad had sanctioned the Scheme of Arrangement for Amalgamation between the two companies. Following the scheme becoming effective, the company's name will change from Citizen Infoline Limited to Citizen Solar Limited. The Authorized Share Capital has been increased and clubbed to Rs. 15.5 crore divided into 1,55,00,000 equity shares of Rs. 10 each. The record date for determining eligible shareholders was fixed as March 31, 2026.
Existing shareholders of Citizen Infoline may see dilution as new shares are issued to Citizen Solar shareholders. The name change and amalgamation signal a shift in business identity toward solar energy. The stock may see volatility around the effective date of the scheme.