Vijaya Diagnostic Centre Limited has released a report from its Audit Committee and Independent Directors, certifying the distribution of proceeds from the sale of fractional share entitlements. This distribution is a consequence of the scheme of amalgamation between Medinova Diagnostic Services Limited and Vijaya Diagnostic Centre. The proceeds, totaling INR 51,84,902.83, have been allocated proportionally to eligible shareholders, with a portion held in escrow due to unavailable bank details.
Audit Committee Confirms Fractional Share Proceeds Distribution
Vijaya Diagnostic Centre Limited has issued a formal report concerning the distribution of proceeds arising from fractional share entitlements following its scheme of amalgamation with Medinova Diagnostic Services Limited (MDSL). The report, certified by the Audit Committee and Independent Directors, confirms that all eligible shareholders have received their proportional share of the proceeds generated from the sale of these fractional entitlements. The aggregate net sale proceeds amounted to INR 51,84,902.83.
Scheme Details and Proceeds Realization
The amalgamation scheme stipulated a share exchange ratio of 1 equity share of Vijaya Diagnostic Centre Limited for every 22 equity shares held in Medinova Diagnostic Services Limited. This resulted in fractional entitlements that were consolidated and sold on June 22, 2026. The sale generated gross proceeds of INR 51,97,897.68, with deductions of INR 12,994.85, leading to net proceeds of INR 51,84,902.83. The company has transferred these net proceeds to a separate account with HDFC for distribution.
Distribution and Escrow Arrangement
As per the SEBI Master Circular and the scheme’s provisions, VDCL distributed these proceeds to eligible shareholders on August 05, 2026. However, due to unavailable, incomplete, or invalid bank account details for some shareholders, a sum of INR 36,85,326.84 has been kept in an escrow account. The company has committed to making best efforts to trace these shareholders and remit their dues. Unclaimed amounts after seven years will be transferred to the Investor Education and Protection Fund.
Source: BSE
