MUMBAI: Andhra Pradesh High Court has given nod to the merger of arm IVRCL Assets and Holdings with its parent firm - Infrastructure player IVRCL.
In this regard, a composite scheme of arrangement has been made between IVRCL Ltd and IVRCL Assets & Holdings Ltd and the subsidiary firms - RIHIM Developers Private Ltd and IVRCL TLT Private Ltd.
For carrying out the transaction, IVRCL will be issuing its five shares to the shareholders of IVRCL Assets & Holdings for their six shares.
RIHIM Developers Private Ltd will remain a wholly-owned subsidiary of IVRCL. Besides, the parent firm will also demerge its transmission line business in to a wholly-owned arm IVRCL TLT Private Ltd.