Triveni Power Transmission Certifies Fractional Share Proceeds Distribution
Triveni Power Transmission Ltd has reported that its Audit Committee and Independent Directors have certified the distribution of proceeds from fractional shares to eligible shareholders. This distribution is a result of the Composite Scheme of Arrangement involving Sir Shadi Lal Enterprises Ltd., Triveni Engineering & Industries Ltd., and Triveni Power Transmission Ltd. The scheme, sanctioned by the National Company Law Tribunal (NCLT), led to the transfer of the power transmission business to Triveni Power Transmission Ltd. As per the scheme, 73,009 shareholders were entitled to fractional entitlements, resulting in the allotment of 35,852 equity shares of INR 2 each to a dedicated escrow account. This certification aligns with SEBI's Master Circular on Schemes of Arrangement.
Key Highlights
- Audit Committee and Independent Directors certified fractional share proceeds distribution.
- Distribution is part of a Composite Scheme of Arrangement sanctioned by NCLT.
- 73,009 shareholders had fractional entitlements.
- 35,852 equity shares were consolidated and placed in an escrow account.
- Action complies with SEBI Master Circular on Schemes of Arrangement.
Price Impact
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