Triveni Engineering & Industries Limited has successfully completed the distribution of proceeds to eligible shareholders from fractional shares. This action is a part of the Composite Scheme of Arrangement involving Sir Shadi Lal Enterprises Ltd., Triveni Engineering & Industries Ltd., and Triveni Power Transmission Ltd. The distribution, which involved 4,308 equity shares with total net proceeds of ₹12,24,787.00, ensures compliance with regulatory requirements and scheme provisions.
Fractional Share Proceeds Distributed
Triveni Engineering & Industries Limited announced the completion of the distribution of proceeds arising from fractional share entitlements. This process is a critical step following the Composite Scheme of Arrangement amongst Sir Shadi Lal Enterprises Limited (“Amalgamating Company”), Triveni Engineering & Industries Limited (“Amalgamated Company”), and Triveni Power Transmission Ltd. (“Resulting Company”). The scheme received approval from the Hon’ble National Company Law Tribunal, Allahabad Bench, on May 07, 2026, and May 18, 2026, with the effective date on May 19, 2026.
Scheme Details and Share Allotment
As per the scheme provisions, eligible shareholders of Sir Shadi Lal Enterprises Limited, as of the record date June 3, 2026, were allotted equity shares of Triveni Engineering & Industries Limited on June 9, 2026. The share exchange ratio was 100:137, meaning 100 fully paid-up equity shares of Triveni Engineering & Industries Limited were issued for every 137 equity shares of Sir Shadi Lal Enterprises Limited held. These newly allotted shares rank pari-passu with existing equity shares.
Treatment of Fractional Entitlements
In the process of determining allotments, 6,064 shareholders were entitled to fractional entitlements. These were consolidated into 4,308 equity shares of Re.1/- each. These shares were credited to a separate demat account held by Mitcon Credentia Trusteeship Services Limited. As per the SEBI Master Circular, these fractional entitlements were required to be sold in the open market within 90 days. The net sale proceeds, after deducting applicable taxes and expenses, were then to be distributed to the respective eligible equity shareholders.
Distribution Completion and Financials
The distribution of sale proceeds has been completed as of September 09, 2026. The details are as follows:
- Number of Shares: 4,308
- Gross Proceeds: ₹12,25,385.00
- TDS: ₹598.00
- Net Proceeds: ₹12,24,787.00
The Audit Committee and Independent Directors have certified that the eligible equity shareholders have been compensated in accordance with the scheme provisions and the SEBI Master Circular.
Source: BSE
