Deepak Fertilisers & Petrochemicals Corp. announced on Monday that the company received National Company Law Tribunal approval for a scheme of arrangement between Mahahdhan AgriTech Ltd., Deepak Mining Solutions Ltd. and Mahadhan Farm Technologies Ltd.
The scheme shall become effective upon filing a certified copy of the order with the Registrar of Companies by the aforesaid respective subsidiaries of the company, according to an exchange filing.
Consequent to the scheme being effective, the technical ammonium nitrate business of MAL will demerge into DMSL, a wholly owned subsidiary of the company. For every fully paid-up equity share of face value Rs 10 each held in MAL, one fully paid-up equity share of face value Rs 10 each of DMSL will be issued and allotted to the company.
According to the scheme, MFTPL, being the transferor company, will be dissolved and cease to be a subsidiary of MAL. Since MFTPL is a wholly owned subsidiary of MAL, no shares will be issued or allotted upon the amalgamation, and all shares of MFTPL held by MAL will be cancelled, as per the exchange filing.
Deepak Fertilisers and Petrochemicals Corp. has posted a 16% decline in consolidated net profit to Rs 214.79 crore for the quarter-ended March 2024.
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