Corporate Action - Demerger of Ujaas Energy Limited

The NCLT Order dated October 13, 2023, approved the Resolution Plan. The existing number of equity shares of UEL will be reduced to 0.15%. Any fractional share below 0.5 will be considered as 0 share, and any fractional share above 0.5 will be rounded up to 1 share.

Consequently, UEL’s business will be divided into the following three segments after the demerger:

  1. The Demerged Company, UEL, will continue with its current business segments, which include the sale of solar power plants, solar power generation, operation and maintenance, and the manufacturing of electric vehicles.
  2. Resulting Company 1 will manage the Transformer Business.
  3. Resulting Company 2 will handle the Power Trading and Advisory Business.

Shareholders holding shares of Ujaas Energy Limited as of the Record Date (Wednesday, May 22, 2024) will be allotted shares in Resulting Company No. 1 and Resulting Company No. 2.

This is great news for the shareholders.