Shareholders vote for merger of INA India, LuK India into Schaeffler India

Schaeffler India Limited has announced that the requisite majority of the shareholders and creditors of the company have voted in favour of the scheme of amalgamation of the two unlisted entities, INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Limited at their respective meetings held on March 20, 2018, in line with the NCLT, Mumbai order and SEBI requirements.

The company has also announced that requisite majority of shareholders and creditors of INA India, at their respective meetings, directed by NCLT, Mumbai, have also voted in favour of the merger. NCLT Chennai had dispensed with convening the meetings of creditors and shareholders of LuK India. The company has already obtained no objection clearance from SEBI. The merger is now pending sanction from the NCLT benches in Chennai and Mumbai. Once the merger is effective, it will streamline Schaeffler India operations under one corporate umbrella.

Under the scheme, after the sanction of NCLT and post completion of other legal formalities, Schaeffler India Limited shall issue 14.64 million new equity shares, in the ratio of 10 equity shares to shareholders of INA India, for every 65 equity shares held and 10 equity shares to shareholders of LuK India, for every 35 equity shares held, thereby increasing its outstanding equity shares to 31.26 million. Shareholding of the Promoter group post the merger will be 74.13%.