Electrosteel Castings Limited (BSE:500128) entered into a scheme of amalgamation to acquire remaining 58.67% stake in Srikalahasthi Pipes Limited (BSE:513605) from Murari Investment & Trading Co. Ltd, Uttam Commercial Co. Ltd., G.K. Investments Ltd., G.K. and Sons Private Limited and other shareholders for INR 3.9 billion on October 5, 2020. Under the terms of the transaction, Electrosteel Castings Limited will issue 59 equity shares for every 10 equity shares of Srikalahasthi Pipes Limited. The scheme of arrangement provides for transfer and vesting of the entire undertaking of Srikalahasthi Pipes Limited into Electrosteel Castings Limited and the dissolution of Srikalahasthi Pipes Limited without winding up. Employees of Srikalahasthi Pipes will become employees of Electrosteel Castings Limited. The scheme shall be subject to necessary statutory and regulatory approvals including the approval of the shareholders, stakeholder approvals, approval of creditors, Securities and Exchange Board of India, the Stock Exchanges where equity shares of Srikalahasthi Pipes Limited are listed, Competition Commission of India, the National Company Law Tribunal, the Registrar, the Official Liquidator (as may be applicable) and/or such other competent statutory/regulatory authorities as may be required under applicable law.

Electrosteel Castings Limited and Srikalahasthi Pipes Limited have obtained approval of their respective audit committees. The Board of Directors of Electrosteel Castings Limited and Srikalahasthi Pipes Limited approved the transaction on October 5, 2020. As of December 1, 2020, The Competition Commission of India approved the transaction. BSE Limited and National Stock Exchange of India Limited, on February 25, 2021 and February 26, 2021, respectively, granted its ‘No adverse observation' on the transaction. On June 16, 2021, the equity shareholders, secured and unsecured creditors of Srikalahasthi Pipes Limited approved the transaction. As of September 10, 2021, the transaction was approved by Equity Shareholders, Secured Creditors and Unsecured Creditors of Electrosteel Castings. The National Company Law Tribunal, Amaravati Bench has vide its order dated November 22, 2021 approved the amalgamation. On December 9, 2021, The National Company Law Tribunal, Cuttack Bench vide its order approved the transaction. Baker Tilly DHC Pvt Ltd., Financial Advisory Arm acted as the financial advisor, Khaitan & Co acted as the legal advisor, Ashika Capital Limited and Finshore Management Services Limited acted as the fairness opinion providers to Electrosteel Castings Limited and Srikalahasthi Pipes Limited.

Electrosteel Castings Limited (BSE:500128) completed the acquisition of remaining 58.67% stake in Srikalahasthi Pipes Limited (BSE:513605) from Murari Investment & Trading Co. Ltd, Uttam Commercial Co. Ltd., G.K. Investments Ltd., G.K. and Sons Private Limited and other shareholders on December 31, 2021.