Kisan Mouldings, Apollo Pipes in Amalgamation Scheme; KTPL Merging into KML

Kisan Mouldings, Apollo Pipes in Amalgamation Scheme; KTPL Merging into KML​

The Board of Directors of Kisan Mouldings Limited (KML) approved a multi-stage Scheme of Arrangement for amalgamation involving Kisan Mouldings Ltd, KML Tradelinks Private Limited (KTPL), and Apollo Pipes Limited (APL). The decision was made at the company's meeting held on June 26, 2026.

The Scheme outlines a two-step process aimed at integrating the businesses of all three entities to enhance operational efficiency and scale.

In the first step, KTPL, identified as the wholly owned subsidiary, will be amalgamated into KML (the holding company), leading to the cancellation of all equity shares of KTPL held by KML. The second step involves the amalgamation of KML with Apollo Pipes Limited on a going concern basis. This process includes the cancellation of KML's equity shares and the subsequent issuance of new equity shares by APL to KML shareholders based on the prescribed share exchange ratio.

The Appointed Date for the execution of this Scheme has been set as April 1, 2026.

Financial Snapshot and Strategic Rationale​

Prior to the amalgamation, the companies involved operated in similar sectors, primarily focused on manufacturing, moulding, trading, and dealing in plastic products, pipes, fittings, and industrial goods. The merger is driven by strategic considerations designed to integrate and strengthen the businesses of all three firms.

Key synergies expected from this amalgamation include achieving economies of scale, rationalizing operations, improving cash flow management, and developing a broader product portfolio. By consolidating operations, the combined entity aims to reduce administrative and legal compliances while enhancing financial stability.

Financial data for the companies involved in the Scheme for the year ended March 31, 2026, is detailed below:


The valuation process for the Scheme was conducted by M/s. Axiology Valuetech Private Limited, who issued a Valuation Report on June 26, 2026. Furthermore, M/s. Corporate Professionals Capital Private Limited provided a Fairness Opinion on the recommended Share Exchange Ratio.

Amalgamation Details and Shareholding​

For KML, which is being merged into APL (the Transferee Company 2), the consideration mechanism involves the issuance of shares by Apollo Pipes Limited to KML shareholders. The Valuer determined the share exchange ratio as follows: 4.96 Equity Shares of Apollo Pipes Limited for every 100 Equity Share of Kisan Mouldings Limited held.

Since KTPL was a wholly owned subsidiary of KML, no payment or share issuance will be made by KML to KTPL shareholders in this initial stage.

The pre- and post-arrangement shareholding patterns for all three entities are as follows:

KTPL (Transferor Company 1)

KML (Transferee Company 1/Transferor Company 2)

APL (Transferee Company 2)

The expected consolidation aims to result in a single entity with a larger equity base and improved market visibility, facilitating better access to capital markets for accelerated growth plans.

Stock Price Movement​

Kisan Mouldings Ltd settled on Thursday, dipping 4.98% to close at ₹37.01. The shares experienced significant volatility during the day, testing a low of ₹37.01 before reaching an intraday high of ₹39.50.