Triveni Engg. & Industries: Audit Committee Certifies Fractional Share Proceeds Distribution
Triveni Engineering & Industries Ltd. has announced that its Audit Committee and Independent Directors have certified the distribution of proceeds from fractional shares. This action is in compliance with the Composite Scheme of Arrangement involving Sir Shadi Lal Enterprises Ltd., Triveni Engineering & Industries Ltd., and Triveni Power Transmission Ltd., which was sanctioned by the National Company Law Tribunal. The scheme involved a share exchange ratio of 100:137 for eligible shareholders of Sir Shadi Lal Enterprises Ltd. A total of 6,064 shareholders were entitled to fractional entitlements, resulting in 4,308 equity shares being consolidated and held in a trust account for eventual distribution or sale as per the scheme's provisions and SEBI guidelines.
Key Highlights
- Audit Committee certified distribution of fractional share proceeds.
- Action follows Composite Scheme of Arrangement sanctioned by NCLT.
- 6,064 shareholders were entitled to fractional shares.
- 4,308 equity shares consolidated for distribution.
- Compliance with SEBI Master Circular on Scheme of Arrangement.
Price Impact
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