McNally Bharat Engineering to declassify EMC as promoter shareholder

EMC is the company with which McNally Bharat Engineering had previously vied for a merger

McNally Bharat Engineering, the engineering entity of the Williamson Magor Group (WMG) is in the process of declassifying EMC from a promoter shareholder to a public shareholder.

Sources in McNally Bharat Engineering (MBEL) said that the company is in the process of taking certificates from concerned auditors and other necessary clearances post which it will notify the country’s bourses to declassify EMC as a promoter shareholder. EMC is currently undergoing insolvency resolution proceedings in the NCLT

EMC stake in MBEL, on the other hand, has been on a steady decline. Manoj Toshniwal, director at EMC said, “The shares of EMC