BSE Returns Draft Amalgamation Scheme of Emazing Deals with Kaiser Corporation Ltd Citing Shareholding Concerns
Kaiser Corporation Limited has received observations from BSE Limited regarding the draft scheme of amalgamation involving Emazing Deals Limited. The feedback concerns the compliance of the proposed merger, which links the Transferor Company (Emazing Deals Limited) and the Transferee Company (Kaiser Corporation Limited).
The examination conducted by BSE Limited indicated that the draft Scheme did not meet a specific requirement pertaining to post-scheme shareholding patterns. The observation stipulated that the percentage of shareholding must ensure that pre-scheme public shareholders of the listed entity, along with Qualified Institutional Buyers (QIBs) of the unlisted entity, hold no less than 25% in the merged company on a fully diluted basis.
Following these findings, BSE Limited returned the Scheme to Kaiser Corporation Limited. The exchange further clarified that if the scheme is refiled within ninety days from the date of their communication, no processing fees will be applicable.
Kaiser Corporation Ltd has acknowledged the observations made by BSE Limited and is currently examining them in consultation with its advisors. The company stated that any further material developments related to this matter shall be informed to the Stock Exchange.
Stock Price Movement
Kaiser Corporation Ltd finished the trading day on Thursday, with its shares dipping by 4.94% to settle at ₹5.20. The stock remained completely locked in place throughout the session, with the intraday high and low remaining identical.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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