NCLT Chandigarh approves first motion application for demerger of ITPG Developers' Phase-II SEZ undertaking into wholly-owned subsidiary.
Scheme involves issuance of 6 new equity shares in resulting company for every 10 shares held in demerged company.
Tribunal dispenses with meetings for all shareholders and secured creditors, and 90.19% consenting unsecured creditors.
Demerger aims to enable focused growth, potential REIT monetization, and ring-fencing of lenders' security interests.