Please find enclosed herewith Observation Letter with No adverse Observation from BSE Limited in relation to Scheme of Amalgamation
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Rudra Ecovation Limited (the transferor company) has received a 'no adverse observation' letter from BSE on August 25, 2025, in respect of its proposed scheme of amalgamation with Shiva Texfabs Limited (the transferee company). The scheme was approved by the Board on December 23, 2024, and is being processed under Sections 230–232 of the Companies Act, 2013, with SEBI having provided its comments on August 12, 2025. With BSE's clearance, the company is now eligible to file the scheme with the NCLT within the 6-month validity period and seek approvals from shareholders and creditors. SEBI has flagged that the shareholding of the Promoter/Promoter Group will increase post-scheme, requiring prominent disclosure to public shareholders. BSE has also noted that listing of Shiva Texfabs shares is subject to SEBI relaxation under Rule 19(2)(b) of the SCRR and compliance with applicable circulars.
This is a key regulatory milestone that clears the way for the merger to move to the NCLT and shareholder/creditor approval stages. Existing shareholders of Rudra Ecovation should note that the post-scheme promoter shareholding will rise, which may dilute public shareholders' stake, though the actual NCLT approval and final swap ratio are still pending.