Tega Industries gains on NCLT approval for corporate restructuring

The share touched a 52-week high of Rs 985 on June 13, 2023 and a 52-week low of Rs 420.40 on June 20, 2022.

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Tega Industries share price gained in the early trade on June 15 after the company got the National Company Law Tribunal’s (NCLT’s) approval for corporate restructuring of promoter group companies.

The Kolkata Bench of NCLT gave its nod to the Composite Scheme of Arrangement between Nihal Fiscal Services Private Limited (NFSPL), promoter of Tega Industries Limited, Marudhar Food & Credit Limited (MFCL) and MM Group Holdings Private Limited, all part of the promoter group of the company.

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As part of the plan, MFCL, the company’s promoter group entity, will be amalgamated into NFSPL, on a going concern basis. MM Aqua Technologies Limited and Maple Orgtech (India) Limited, each a subsidiary of NFSPL and the company’s promoter group entities, will be transferred and de-merged from NFSPL to MM Group Holdings Private Limited on a going concern basis.

In the quarter ended March 2023, the company posted a 58 percent YoY jump in net profit at Rs 77.26 crore. Revenue was up 36.6 percent at Rs 396.41 crore against Rs 290.05 crore, YoY.

At 9.26 am, Tega Industries was quoting at Rs 954.70, up Rs 1.90, or 0.20 percent, on the BSE. The share touched a 52-week high of Rs 985 on June 13, 2023 and a 52-week low of Rs 420.40 on June 20, 2022.

It is trading 3.08 percent below its 52-week high and 127.09 percent above its 52-week low.

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