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NMDC board approves demerger of NMDC and NMDC Steel

By IndianMandarins- 14 Jul 2021
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nmdc-board-approves-demerger-of-nmdc-and-nmdc-steel

New Delhi (14.07.2021): Board of Directors of National Mineral Development Corporation Ltd (NMDC) has approved the Scheme of Arrangement for a Demerger between NMDC Ltd and NMDC Steel Ltd. However, the said Scheme is subject to necessary statutory and regulatory approvals including the approval of Securities and Exchange Board of India (SEBI), Stock Exchanges, Ministry of Corporate Affairs, Government of India, and respective shareholders and creditors of each of the companies involved in the Scheme.

Board of Directors of NMDC Ltd on July 13, 2021, has approved the Scheme of Arrangement for Demerger between NMDC Ltd (Demerged Company) and NMDC Steel Ltd (Resulting Company) and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

NMDC Steel Ltd is a wholly-owned subsidiary of NMDC Ltd. NMDC Steel Ltd currently does not have any business operations. It is authorized by its Memorandum of Association to carry on the business of manufacturing, prospecting, raising, operating, buying, selling, importing, exporting or otherwise dealing in various categories of steel and iron ore, as per the filing.

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