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Board of Maithan Alloys approves composite scheme of arrangement

Capital Market 

At meeting held on 05 May 2021

The Board of Maithan Alloys at its meeting held on 05 May 2021 has approved the Composite Scheme of Arrangement ("Scheme") amongst Ma Kalyaneshwari Holdings ("MKH" or "Demerged Company" or "Transferor Company") and Anjaney Land Assets (" ALAPL" or "Resulting Company") and Maithan Alloys ("MAL" or "Transferee Companty" or "Company") and their respective shareholders and creditor.

The Scheme provides for:

a. Demerger of Real Estate and Ancillary Business from MKH into ALAPL; and

b. Upon the Demerger becoming effective, amalgamation of MKH with MAL.

Pursuant to the amalgamation, there will be no change in Promoter's holding in the Company. The Promoters would continue to hold the same percentage of shares in the Company, pre and post the amalgamation of the Transferor Company with the Company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, May 05 2021. 20:31 IST