SKF India Gets NCLT Nod To Seek Shareholder OK For Biz Demerger

SKF India Ltd. has received approval from the Mumbai bench of the National Company Law Tribunal to convene a shareholder meeting for its proposed demerger, the company said in a filing Thursday.

The tribunal has directed the company to hold the meeting within 60 days to seek shareholder approval for transferring its industrial business to a newly formed entity, SKF India (Industrial) Ltd.

This follows approvals from the National Stock Exchange and BSE in March, with both exchanges issuing no-objection letters to the demerger scheme.

As per the plan, shareholders of SKF India will receive one fully paid-up equity share of ₹10 each in SKF India (Industrial) for every share they hold. The new entity will also be listed on both NSE and BSE.

The industrial business being spun off includes SKF India’s manufacturing, trading and marketing operations catering to the industrial sector.