The Board of Directors at its meeting held on Monday, December 01, 2025 has approved the scheme of Amalgamation (Merger by Absorption) of Inkia Inks Private Limited (Transferor Company) ....
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True Colors Ltd's board, on December 1, 2025, approved a scheme to merge Inkia Inks Private Limited (a related party) into the company through a merger by absorption under Sections 230-232 of the Companies Act, 2013. No cash is involved — shareholders of Inkia Inks will receive 83 equity shares of True Colors (face value Rs.10) for every 100 shares held in Inkia Inks, based on a valuation by Treu Valuation Services and a fairness opinion from GYR Capital Advisors. As of September 30, 2025, the transferor had total assets of ~Rs. 1.81 crore, net worth of ~Rs. 60.19 lakh, and turnover of ~Rs. 10.76 crore (in thousands), while True Colors reported total assets of Rs. 33,598.82 lakhs, net worth of Rs. 19,716.59 lakhs, and turnover of Rs. 15,111.36 lakhs. The rationale is backward integration of ink manufacturing to cut costs and ensure supply, with the merger expected to consolidate the digital textile printing business under one platform. The scheme still requires approvals from BSE, the NCLT, and shareholders/creditors of both companies.
Existing True Colors shareholders will see a small dilution, with promoter holding slipping from 68.88% to 67.24% and total share count rising from ~2.47 crore to ~2.71 crore shares post-merger. The deal is between related parties, so retail investors should watch for the NCLT approval process and the detailed share-swap fairness assessment before drawing conclusions on long-term value.