This is to inform that the Working Committee of the Board of Directors at their meeting held today, have inter-alia, (i) Noted the certified true copy of NCLT Order dated March 24, 2025, ....
Awaiting price reaction for this filing.
The NCLT Chennai Bench has sanctioned the Scheme of Amalgamation merging Rane Engine Valve Ltd (REVL) and Rane Brake Lining Ltd (RBL) into Rane (Madras) Ltd (RML), with an appointed date of April 1, 2024 and effective date of April 7, 2025. Under the share exchange ratio, REVL shareholders will receive 9 equity shares of RML (face value Rs 10) for every 20 shares held, while RBL shareholders will receive 21 RML shares for every 20 shares held. The record date to identify eligible shareholders has been fixed as April 22, 2025. On the effective date, both REVL and RBL will stand dissolved without winding-up, and the offices of their directors, KMPs and statutory auditors will be vacated.
REVL shareholders will cease to hold shares in REVL and will instead receive RML shares as per the swap ratio (a roughly 45% reduction in share count but now holding shares in the larger merged entity). Existing REVL stock will effectively be delisted/dissolved post the record date, so investors should note the April 22, 2025 record date to receive their entitlement of RML shares.