Kalpataru Limited Withdraws Scheme of Arrangement for Demerger of Project Magnus
Kalpataru Limited announced on June 2, 2026, the withdrawal of a previously approved Scheme of Arrangement concerning the demerger of Project Magnus. This decision followed a meeting of the Company’s Executive Committee.The Scheme of Arrangement was originally approved by the Board of Directors at a meeting held on January 22, 2024. The plan outlined the demerger of Project Magnus, situated in Bandra east, Mumbai, from Kalpataru Properties Limited, which is a wholly owned subsidiary of the Company. The demerged undertaking was slated to move into Kalpataru Limited, resulting in the formation of a Resulting Company, and was intended for the benefit of the respective shareholders.
The arrangement, considered on a going concern basis as of the appointed date of April 1, 2024, was initially filed with the National Company Law Tribunal, Mumbai, on September 30, 2024.
The Executive Committee of the Board met on June 2, 2026, and determined that the benefit envisioned from the Scheme is no longer relevant, leading to the committee’s approval to withdraw the entire Scheme.
The Company confirmed that the withdrawal of the Scheme has no financial impact on Kalpataru Limited or Kalpataru Properties Limited.
KALPATARU Stock Price Movement
On Tuesday, Kalpataru Limited shares slipped by 1.05% to settle at ₹320.1. The stock traded on a volume of 61,098 shares, closing well below its daily range which spanned from ₹319.1 to ₹332.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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