Umang Dairies Limited has informed the Exchange about Scheme of Arrangement
Awaiting price reaction for this filing.
The NCLT Allahabad Bench has sanctioned the composite Scheme of Arrangement for Umang Dairies Limited (UDL) on May 1, 2025. Under the scheme, UDL's food/dairy business will be demerged into Panchmahal Properties Limited (PPL), a wholly-owned subsidiary of Bengal and Assam Company Limited (BACL), while the residual UDL will amalgamate into BACL. As consideration for the demerger, shareholders of UDL will receive 1 equity share of BACL (face value ₹10) for every 92 equity shares held in UDL (face value ₹5). The scheme was approved with overwhelming support — 99.998% of equity shareholders and 100% of unsecured creditors voted in favour. The appointed date is April 1, 2023, and the scheme will become effective only upon filing the NCLT order with the Ministry of Corporate Affairs (MCA). Upon effectiveness, UDL will stand dissolved without going through the winding-up process, and its shareholders will become shareholders of BACL.
UDL shareholders will effectively become shareholders of BACL through the share swap, and UDL will cease to exist as a separate listed entity once the scheme is filed with the MCA. Investors should track the MCA filing date for the effective date and prepare for conversion of UDL holdings into BACL shares at the 1:92 ratio.