MGL shares in focus following NCLT nod for amalgamation with Unison Enviro
Mahanagar Gas Ltd
(MGL) are likely to be in focus on Thursday, July 10, after the National Company Law Tribunal (NCLT) approved the proposed Scheme of Amalgamation between MGL and its wholly owned subsidiary,
Unison Enviro Private Ltd
.
As per an official update, the Mumbai Bench of the Hon'ble NCLT passed an order on July 9, sanctioning the amalgamation scheme. The scheme involves the merger of
Unison Enviro
with its parent MGL, along with their respective shareholders.
'This is in continuation of our earlier intimations dated October 24, 2024 and November 11, 2024 and pursuant to the provisions of Regulation 30 read with Schedule III of the SEBI Listing Regulations regarding the Scheme of Amalgamation of Unison Enviro Private Limited, wholly owned subsidiary ('Transferor Company') with its holding company, i.e. Mahanagar Gas Limited ('Transferee Company') and their respective shareholders ('the Scheme'),' the company said in an exchange filing.
The company clarified that the certified copy of the NCLT order is still awaited. The scheme will become effective upon filing the certified copy of the order with the Registrar of Companies by both MGL and Unison Enviro.
MGL had previously intimated the exchanges about this proposed amalgamation in October and November, in line with the regulations.
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MGL share price history
Over the past year, the shares of MGL have declined by 10.49%. However, on a year-to-date (YTD) basis, it has gained 16.07%. In the last 6 months, the stock rose 16.90%, while over a 3-month period, it delivered a strong gain of 19.50%. For the past 1 month, the stock is up by 5.08%.
On Wednesday,
MGL shares
closed 1.7% lower at Rs 1,488.35 on the BSE.
(
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