National Standard (India) Limited announces an acquisition

The specific NCLT share-exchange ratio cannot be verified from the cited material, because the valuation report or scheme document containing the ratio is not included.

The latest audited NSIL financials available are for FY26:

• Book value / net assets: Rs 282.00 Crores, represented by total equity ^[1].
• Shares outstanding: 20,000,000.
• Derived book value per share: approximately Rs 141 per share (Rs 282 Crores ÷ 2 Crores shares). This is also consistent with the reported book value per share of Rs 141 ^[2].

Accordingly, the valuation comparison would be:

• If the NCLT valuation report assigns NSIL an equity value above Rs 282 Crores, it implies a premium to book net assets.
• If it assigns less than Rs 282 Crores, it implies a discount.
• The percentage premium or discount would be calculated as: `(NCLT-assessed equity value ÷ Rs 282 Crores) − 1`.

The exchange ratio itself is therefore the missing input required to quantify that premium or discount; it should not be inferred from NSIL’s market price or book value alone.

_Scope note: this comparison also included National Standard (India) Limited (NATIONSTD); Lodha Developers Ltd. (LODHA), which the answer above does not cover. Ask about any of them for a full side-by-side._

On a mechanical FY26 book-value basis, National Standard (India) Limited would transfer assets of Rs 284.87 Crores and liabilities of Rs 2.87 Crores, implying net assets of approximately Rs 282.00 Crores. The merger scheme with Lodha Developers Limited, Macrotech’s legal entity in the cited filing, was approved by shareholders on 9 October 2026 ^[3].

Pro forma impact

Thus, the debt-to-equity ratio would decline marginally from about 0.424x to 0.419x, or roughly 1.20% on a relative basis. Rounded to two decimal places, it remains approximately 0.42x.

This is a mechanical illustration, not an official scheme pro forma. It assumes that NSIL’s balances are not already included in Macrotech’s consolidated accounts and that there are no inter-company eliminations, share-consideration adjustments, fair-value changes, or other merger-accounting effects. The cited approval filing confirms the merger resolution but does not set out a post-merger balance-sheet projection ^[9].

The October 9, 2026 NCLT-convened meeting approval was not the final amalgamation step. The company reported that shareholders passed the Scheme with the requisite majority, but the filing does not report a final NCLT sanction order, ROC filing, or an effective date. ^[10]

The remaining milestones are therefore:

• Final NCLT sanction/order approving the Scheme of Merger by Absorption.
• Filing of the certified NCLT order with the Registrar of Companies (ROC) by the relevant companies.
• Effective date of the amalgamation: the October 9 announcement does not provide a calendar date, estimated completion date, or time period for effectiveness. It only confirms that the shareholder meeting was held and the resolution passed. ^[3]

Accordingly, the anticipated effective-date timeline cannot be established from the cited filing. The specific deadline for ROC filing and the definition of the “Effective Date” must be taken from the full Scheme of Amalgamation; that Scheme text is not included in the disclosed meeting-outcome material. The merger should therefore be treated as shareholder-approved but pending final NCLT order and subsequent ROC filing, rather than completed.