Board approves amalgamation with Shivang Edibles Oils Ltd
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Awaiting price reaction for this filing.
Board of Panther Industrial Products approved a scheme of amalgamation with Shivang Edibles Oils (SEOL) under Sections 230-232 of the Companies Act, 2013. Exchange ratio: 1 SEOL share (Rs 10 FV) for every 19 PIPL shares held. Post-merger, Shivang Garg will hold ~96.27% of the merged entity, while existing PIPL public shareholders will hold ~1.76%. SEOL turnover Rs 359.95 cr vs PIPL's Rs 0.20 cr. Not a related party deal. Subject to BSE no-objection and NCLT approval.
Massive dilution for existing PIPL public shareholders to ~1.76% of merged entity. Awaiting NCLT and BSE approvals before effective.