ARROW TEXTILES LIMITED Delta Magnets Limited (BSE:504286) entered into scheme of amalgamation to acquire Arrow Textiles Limited (BSE:533068) for INR 5.4 billion on September 19, 2018. Delta Magnets Limited will issue 23 fully paid up equity shares to the equity shareholders of Arrow Textiles Limited for every 100 equity share of Arrow Textiles Limited. Delta Magnets's name will be changed from Delta Magnets Limited to Delta Manufacturing Limited.
The transaction is subject to approval from National Company Law Tribunal, regulatory body, approval of shareholders and lenders/creditors of Delta Magnets Limited and Arrow Textiles Limited. The transaction was approved by Board of Directors of Arrow Textiles Limited and Delta Magnets Limited. The transaction was approved by shareholders of Arrow Textiles Limited and Delta Magnets Limited.
The transaction was approved by the Mumbai bench of National Company Law Tribunal on December 27, 2019. As of January 20, 2020, record date for the transaction is February 7, 2020. Dalmia Securities Private Limited acted as fairness opinion provider in the transaction.
