NCLT Indore sanctions Scheme of Arrangement involving Grasim Industries

The scheme of arrangement involved divestment of Indo-Gulf Fertilisers business, part of Grasim, to Indorama on a slump sale basis.

Sep 03, 2021 03:09 IST India Infoline News Service

Grasim Industries
Grasim Industries Limited informed the exchanges Friday that the Scheme of Arrangement between the company (Transferor Company) and Indorama India Private Limited (Transferee Company) and their respective shareholders and creditors has been sanctioned by the National Company Law Tribunal, Indore Bench at Ahmedabad (NCLT Indore) in an open court hearing on September 2, 2021.

“A copy of the Order pronounced by NCLT Indore is awaited. There are other Conditions Precedents to be completed and the Scheme shall become effective upon the completion of all the conditions set out in Clause 23 of the Scheme,” the company said in a filing.

The scheme of arrangement involved divestment of Indo Gulf Fertilisers business (IGF) to Indorama India Private Limited on a slump sale basis. Indo Gulf Fertilizers is a part of Grasim Industries Ltd. The scheme had already been approved by Competition Commission of India (CCI) and also got nod from the exchanges.

Towards last half hour of trade on Friday, Grasim Industries Ltd was trading at Rs1,509.20 per piece up by Rs8.95 or 0.6% from its previous closing of Rs1,500.25 per piece on the BSE.

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