Report from the Audit Committee and the Independent Directors of the Company certifying distribution of proceeds to eligible shareholders in accordance with Scheme of Amalgamation are enclosed.
RML · price
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Rane (Madras) Limited has submitted reports from its Audit Committee and Independent Directors certifying that proceeds from the sale of fractional shares have been distributed to eligible shareholders. This relates to the Scheme of Amalgamation of Rane Engine Valve Limited (REVL) and Rane Brake Lining Limited (RBL) into Rane (Madras) Limited, which became effective on April 7, 2025 after NCLT approval on March 24, 2025. Under the share exchange ratios (9 RML shares for every 20 REVL shares, and 21 RML shares for every 20 RBL shares), 9,324 fractional entitlement shares were consolidated and allotted to the RML Fractional Shares Trust. The Trust sold these shares on July 15, 2025 at an average price of ₹869.38 per share, generating gross proceeds of about ₹81.06 lakh, of which ₹80.55 lakh was distributed to 21,343 eligible shareholders on July 31, 2025 after deducting expenses and applicable taxes.
This is a procedural compliance filing confirming the wind-up of fractional share entitlements from the already-effective amalgamation. No new material impact on shareholders or stock price, as the merger itself was completed months ago and this only closes out the fractional share compensation process.