India Glycols Limited announces an acquisition

The original cost of acquisition was apportioned as follows:

• Ennature Bio Pharma: 20.61%
• IGL Spirits: 47.62%
• Combined demerged entities: 68.23% (20.61% + 47.62%, derived)
• Retained India Glycols business: 31.77%

These percentages are from the cost-apportionment table filed with the exchanges. ^[1]

The apportionment implies the following relative valuation weights, using the pre-demerger consolidated India Glycols value as 100:

Thus, the two demerged divisions together were implicitly valued at 68.23% of the consolidated pre-demerger value, with IGL Spirits accounting for the larger portion. On a relative basis, Ennature’s implied value was about 0.65x the value retained in India Glycols, while IGL Spirits was about 1.50x the retained value; combined, the demerged businesses were about 2.15x the retained entity. These are derived from the reported cost-apportionment percentages. ^[1]

The filing provides the percentages but not the consolidated pre-demerger book-value amount; therefore, a rupee valuation cannot be calculated from the cited disclosure alone. Also, strictly speaking, these are cost-of-acquisition allocation weights based on the supporting valuation, not a separately reported book-value allocation.

The demerger is legally effective, but the separate listings of IGL Spirits and Ennature Bio Pharma were not yet completed as of the latest disclosure. India Glycols remained the listed entity, while the two resulting companies were moving toward independent listings on BSE and NSE. The company’s presentation indicated that the process was expected to conclude by 24 October 2026, but it did not state that listing and trading permissions had already been granted. ^[2]

Listing status

• The Scheme of Arrangement became effective on 1 September 2026, and shares of the two resulting companies were allotted to eligible India Glycols shareholders based on the 2 September 2026 record date. ^{[1] [1]}
• The latest disclosed structure was for three independently listed businesses: India Glycols, IGL Spirits and Ennature Bio Pharma. India Glycols was already listed; the new entities still required completion of the exchange-listing process. ^[2]
• The resulting-company shares remain frozen in the depository system until listing and trading permission are granted by the designated stock exchange. This is the clearest indication that the process was still pending at the latest disclosure. ^[3]
• The company had disclosed that key approvals from the exchanges, shareholders, creditors and NCLT had been secured, with the overall demerger process expected to be concluded by 24 October 2026. ^[2]

Were all asset and liability transfer approvals fully executed?

Not on the evidence disclosed. The NCLT approval and effectiveness of the Scheme legally enabled the transfer and vesting of the Bio Pharma and Spirits & Biofuel undertakings, including the relevant assets and liabilities, into Ennature Bio Pharma and IGL Spirits respectively. ^[1]

However, that is different from confirming that every individual consent, licence, permit, registration, governmental approval and transfer-related document had been fully executed. The Scheme defines such permits broadly and states that certain documents may be executed merely to satisfy regulatory requirements, without themselves constituting the legal transfer of the property, assets or liabilities. ^[3]

Analytical conclusion: the statutory demerger and principal scheme approvals were in place; the separate exchange listings and trading permissions remained the key unfinished step. A blanket confirmation that all asset- and liability-transfer-related regulatory approvals had been fully executed was not disclosed.