Paradeep Phosphates Limited has informed the Exchange regarding Notice of Court Convened Meeting of Unsecured Creditors to be held on June 02, 2025 at 2:00 PM
PARADEEP · price
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Paradeep Phosphates Limited (PPL) has notified the exchanges about a court-convened meeting of its unsecured creditors scheduled for June 2, 2025, at 2:00 PM via video conferencing. The meeting has been directed by the NCLT Cuttack Bench through its order dated April 25, 2025, under Company Application No. C.A.(CAA) No. 4/CB/2025. The purpose is to seek unsecured creditors' approval for a composite scheme of arrangement involving the amalgamation of Mangalore Chemicals & Fertilizers Limited (MCFL) into Paradeep Phosphates Limited. The scheme has already received CCI approval (July 30, 2024) and observation/no-objection letters from both BSE (February 27, 2025) and NSE (February 28, 2025). The cut-off date for e-voting eligibility is January 31, 2025, with remote e-voting open from May 28 to June 1, 2025. The merger aims to create one of the largest integrated private-sector fertilizer companies in India, combining PPL's strong eastern, northern, and western presence with MCFL's southern India footprint and broader urea-based fertilizer portfolio.
This is a key procedural milestone in the ongoing PPL–MCFL amalgamation. If approved by creditors (requires three-fourths majority by value) and subsequently by NCLT, the combined entity will issue new equity shares to MCFL shareholders, potentially diluting existing PPL shareholders. The existing promoter, Zuari Maroc Phosphates, will continue to hold more than 50% post-merger, maintaining control. Investors should monitor the June 2 voting outcome and subsequent NCLT sanction as critical checkpoints for the deal's completion.