Amalgamation: Titagarh Wagons informs that subject shares will be credited to shareholders within this week

Company said, the Corporate Action by NSDL is in the process of being approved today and the same by CDSL after listing by stock exchanges post NCLT approval of amalgamation.

Dec 09, 2020 04:12 IST India Infoline News Service

Titagarh Wagons rallies
Titagarh Wagons Limited informed the exchanges Wednesday the company received in-principle listing approval from the Stock Exchanges on November 27, 2020 regarding amalgamation of Cimmco Limited and Titagarh Capital Private Limited (TCPL) with the company.

The company has promptly submitted the corporate action applications to the Depositories, i.e. National Securities Depository Limited (‘NSDL’) and Central Depository Services (India) Limited (‘CDSL’), for the credit of the subject shares into the account of the shareholders.

The company said that, as informed by the Registrar and Transfer Agent of the company that the Corporate Action by NSDL is in the process of being approved today and the same by CDSL shall be taken up thereafter. Accordingly, the company believes that the subject shares will be credited into the account of the shareholders within this week and immediately thereafter, the Company shall apply to BSE and NSE for grant of trading approval for the said shares.

The company had allotted 37,20,469 equity shares of Rs.2 each of Titagarh Wagons Limited made on November 7, 2020 to the eligible members of Cimmco Limited as on October 23, 2020 (Record Date) in the share exchange ratio of 13 equity share of Rs2/- each of the company for every 24 equity share of Rs10 each held in Cimmco.

National Company Law Tribunal, Kolkata Bench (NCLT) had sanctioned the Scheme of Amalgamation of Cimmco and TCPL with the company.

Titagarh Wagons Ltd ended at Rs52.50 per piece up by Rs0.3 or 0.57% from its previous closing of Rs52.20 per piece on the BSE.

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