We wish to inform that Hon''ble NCLT, Ahmedabad Bench, has approved and sanctioned the scheme of amalgamation of Citizen Infoline Limited (Transferor Company) with Citizen Solar Private ....
Awaiting price reaction for this filing.
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved and sanctioned the Scheme of Amalgamation of Citizen Solar Private Limited (Transferor, unlisted) with Citizen Infoline Limited (Transferee, BSE-listed, Scrip Code 538786). Both companies belong to the same group. The Appointed Date is April 1, 2023, and the Effective Date will be the date the certified order is filed with the Registrar of Companies. As per the swap ratio, shareholders of Citizen Solar will receive 11 equity shares of Rs. 10 each of Citizen Infoline for every 1 equity share of Rs. 10 held in Citizen Solar. The Transferor Company will be dissolved without winding up, and all its assets, liabilities, employees, and contracts will transfer to Citizen Infoline. The Regional Director, Income Tax Department, Official Liquidator, and RoC raised no material objections to the scheme.
For existing shareholders of Citizen Infoline, the share count will expand due to the issuance of new shares to Citizen Solar's shareholders, leading to some dilution, though the company's own cross-holding in Citizen Solar will be cancelled. The merger consolidates the group's solar business into the listed entity, which could streamline operations and reporting, but tangible per-share value impact depends on the relative financials of both companies.