Time Technoplast Limited has informed the Exchange regarding 'Allotment of Shares pursuant to Scheme of Amalgamation between NED Energy Limited, (Transferor Company and Subsidiary Company) and Power Build Batteries Private Limited, (Transferee Company and Wholly Owned Step-down Subsidiary Company)'.
TIMETECHNO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Time Technoplast has received 9,12,221 equity shares (face value ₹10 each) of Power Build Batteries Private Limited, representing 97.04% of its total shareholding. This allotment follows the approved scheme of amalgamation where NED Energy Limited (subsidiary) has merged into Power Build Batteries Private Limited (wholly-owned step-down subsidiary). The share swap was done at an exchange ratio of 1 equity share of Power Build Batteries for every 7 equity shares of NED Energy. The merged entity, Power Build Batteries, is engaged in manufacturing power storage devices (batteries) and reported a consolidated turnover of ₹93.93 Crores in FY 2024-25, up from ₹51.57 Crores in FY 2023-24. The company clarified that this is not a related party transaction, as Time Technoplast is only a shareholder of the transferor company.
This is an internal restructuring that consolidates Time Technoplast's battery business under a single step-down subsidiary, simplifying the group structure. No immediate material impact on share price is expected, as it is a share-swap transaction between group entities with no cash outflow and no change in ultimate ownership.