Announced Fri, 19 Jun · 22:53 IST
Unsecured creditors approve amalgamation scheme at NCLT meeting
SOMANYCERA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-1.5%1-day move
₹517.00
prior close
₹517.55
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-0.0+0.3-0.0+0.3-1.5+0.2-0.6+0.0+3.3+3.9+4.1-2.6——
Up moveDown movePending
AI summary
Three wholly-owned subsidiaries (Somany Bathware, Somany Excel Vitrified, and SR Continental) are being merged into Somany Ceramics. At the NCLT-ordered meeting of unsecured creditors on June 13, 85 creditors holding about Rs 125.13 crore voted 100% in favour. Total unsecured creditors were 1,167 with about Rs 396 crore outstanding. The scheme was approved with the required majority.
Likely market impact
Moves the merger of three subsidiaries into Somany Ceramics forward. Awaiting equity shareholder approval and final NCLT sanction to complete.