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Pneumatic Holdings’ material subsidiary Kirloskar Pneumatic Company (KPCL) has informed the former that the National Company Law Tribunal, Mumbai Bench, has pronounced an order sanctioning the scheme of arrangement and amalgamation of Kirloskar RoadRailer (KRL), and Pneumatic Holdings (PHL) with KPCL. According to the terms of the deal, 53 fully paid-up equity shares of ₹10 each of KPCL will be issued to PHL shareholders for every 40 fully paid-up equity shares they hold in the company. However, no shares will be issued to KRL as it is a 100 per cent subsidiary of KPCL. The stock of PHL gained 1.5 per cent at ₹1,579.15 on the NSE. The stock of BSE-listed KPCL edged down 1.78 per cent at ₹1,265.
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