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Gland Pharma will replace Meghmani Organics in S&P BSE 500 and S&P BSE 400 MidSmallcap Index with effect from May 18, as the latter is demerging its agrochemical and pigment undertaking into Meghmani Organochem Ltd.
Subsequently, the remaining business of Meghmani Organics will be amalgamated with Meghmani Finechem Limited from May 18.
Meghmani Organochem will issue and allot one equity share to the shareholders of Meghmani Organics for every 1 share held by shareholder.
Upon the scheme becoming effective Meghmani Finechem will allot 94 equity shares to the shareholders of Meghmani Organics Limited in for every 1,000.
Due to the rejig, NLC India will replace Meghmani Organics in S&P BSE 250 SmallCapindex. Gland Pharma will replace S&P BSE 250 SmallCapindex in S&P BSE 150 MidCap Index and S&P BSE 250 LargeMidCap index.
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