Prabha Energy Limited has informed the Exchange regarding 'Intimation in connection with sale of fractional shares that arose out of Composite Scheme of Arrangement'.
PRABHA · price
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Prabha Energy Limited has informed the exchange that 6,024 equity shares, which are fractional entitlements arising from the sanctioned Composite Scheme of Arrangement, will be sold in the open market. These shares are currently held in a joint demat account in the names of the Managing Director and Director acting as trustees on behalf of eligible shareholders. The scheme involved the merger of Deep Energy Resources Limited and Savla Oil and Gas Private Limited into Prabha Energy Limited under Sections 230-232 of the Companies Act, 2013. Net sale proceeds, after deducting expenses and capital gains tax, will be distributed to eligible shareholders via their registered bank accounts based on data from the Registrar MUFG Intime India Private Limited. Eligible shareholders have been advised to ensure their bank details are updated with their DEMAT accounts.
This is a routine post-merger housekeeping exercise with no material impact on the stock price. Shareholders who were entitled to fractional shares due to the merger ratio will receive cash equivalent instead of shares, providing a clean closure to the merger process.