NCLT, Mumbai approves The Investment Trust of India’s scheme of arrangement; stock ends 7% higher

The scheme involves demerging of United Petro Finance resulting into creation of Fortune Credit Capital. The Investment Trust of India will be the holding company of Fortune Credit Capital.

Dec 07, 2020 04:12 IST India Infoline News Service

The Investment Trust of India Limited informed the exchanges Friday that the National Company Law Tribunal (NCLT), Bench at Mumbai, in its hearing held on December 03, 2020, has approved the Scheme of Arrangement by and between United Petro Finance Limited and Fortune Credit Capital Limited and The Investment Trust of India Limited and their respective shareholders.

The scheme involves demerging of United Petro Finance Limited resulting into creation of Fortune Credit Capital Limited. The Investment Trust of India will be the holding company of Fortune Credit Capital.

The scheme will become effective upon filing of the certified copy of order of the NCLT, sanctioning the Scheme with the Registrar of Companies, Mumbai.

The Investment Trust of India Ltd trade ended at Rs159.90 per piece up by Rs10.7 or 7.17% from its previous closing of Rs149.20 per piece on the BSE.

The scrip opened at Rs168 and has touched a high and low of Rs178 and Rs155.25 respectively. 

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