Board of Hercules Hoists approves scheme of arrangement

At meeting held on 23 September 2022

The Board of Hercules Hoists at its meeting held on 23 September 2022 has approved the Scheme of Arrangement between the Company (Demerged Undertaking) and Indef Manufacturing (Resulting Company or IML) and their respective shareholders and creditors (Scheme) which inter alia, provides for demerger, transfer and vesting of the Demerged Undertaking from the Company into the Resulting Company on a going concern basis.

Post necessary regulatory and statutory approvals, the equity shares of the Resulting Company shall be listed on BSE and the National Stock Exchange of India.

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