Tega Industries Surges as NCLT Approves Corporate Restructuring
Tega Industries witnessed a significant rise in share price during early trading on June 15. This surge came as a result of the National Company Law Tribunal (NCLT) granting approval for the corporate restructuring of Tega Industries’ promoter group companies.
The Kolkata Bench of NCLT gave the green light to the Composite Scheme of Arrangement involving Nihal Fiscal Services Private Limited (NFSPL), the promoter of Tega Industries Limited, Marudhar Food & Credit Limited (MFCL), and MM Group Holdings Private Limited, all entities within the company’s promoter group.
Under this scheme, MFCL, the promoter group entity, will merge into NFSPL, ensuring a seamless continuation of operations. Additionally, MM Aqua Technologies Limited and Maple Orgtech (India) Limited, which are subsidiaries of NFSPL and part of the promoter group, will be transferred and de-merged from NFSPL to MM Group Holdings Private Limited, also on a going concern basis.
In the quarter ending March 2023, Tega Industries reported a remarkable 58 percent year-on-year increase in net profit, amounting to Rs 77.26 crore. Furthermore, the company’s revenue surged by 36.6 percent to reach Rs 396.41 crore, compared to Rs 290.05 crore in the previous year.
As of 9:26 am, Tega Industries shares were trading at Rs 954.70 on the BSE, reflecting a rise of Rs 1.90 or 0.20 percent. Notably, the stock reached a 52-week high of Rs 985 on June 13, 2023, while its 52-week low stood at Rs 420.40 on June 20, 2022.
About Tega Industries:
Tega Industries Ltd., based in Kolkata, India, is a prominent company operating under the MM Group of Companies. It specializes in delivering tailor-made solutions, products, and services catering to the mining, mineral beneficiation, bulk material handling, and slurry transportation sectors.
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