Nila Infrastructure update on scheme of arrangement

Nila Infrastructure announced that the NCLT on 09 May 2018 sanctioned the scheme of arrangement among Nila Infrastructure and Nila Spaces. In terms of the scheme, with effect from 01 April 2017, the Real Estate Undertaking of the Company has been demerged and stands transferred and vested in Nila Spaces, on a going concern basis.

On 29 June 2018, Nila Spaces has allotted 1 (One) equity share ofRs.l/- (Rupee One Only) each of Nila Spaces credited as fully paid-up for every 1 (One) equity shares of Re.l/- (Rupee One Only) each held by the shareholder of the Company as on record date fixed for the purpose i.e. 15 June, 2018 pursuant to the Scheme.

 

For the purpose of determining the post demerger cost of acquisition of the equity shares of Nila Infra and the cost of equity shares of Nila Spaces under the provisions of Income Tax Act, 1961, the shareholders may consider to apportion their pre-demerger cost of acquisition of Nila Infra's equity shares in the following manner-
Nila Spaces - 83.33%
Nila Infrastructures - 16.67%

Accordingly, the cost of acquisition of equity shares allotted in Nila Spaces will be 83.33% of the total cost of acquisition of the equity shares held in Nila Infra prior to the demerger. The same is based on "net book value" of the assets of the demerged undertaking to the "net worth" of Nila Infra.

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