Through scheme of amalgamation
AXISCADES Engineering Technologies has completed the acquisition of AXISCADES Aerospace and Technologies (ACATL), a Technology Company focusing on Aerospace & Defense and Homeland Security areas. The acquisition was carried out through a Scheme of Amalgamation of the holding company of ACATL, i.e. Indian Aviation Training Institute (IAT), with ACETL.Shareholders of IAT (holding company of ACATL) will receive ten shares in ACETL for every 45 shares held by them. ACATL is now a 100% subsidiary of ACETL. ACETL will issue 10.57 million new shares, thereby increasing its shares outstanding to 37.76 million. The appointed date of Scheme of Amalgamation is 1st April 2016 and the Effective Date of the Scheme is 5th December 2016.
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