Salasar Techno Engineering Amalgamation Scheme Approved by Shareholders and Creditors

Salasar Techno Engineering's proposed amalgamation scheme with Hill View Infrabuild Limited has received significant backing, with equity shareholders approving it with 99.72% of the vote and creditors giving unanimous 100% approval.

Reader Takeaway: Strong stakeholder approval for merger; awaits final NCLT nod.

What just happened

National Company Law Tribunal (NCLT)-convened meetings were held on June 05, 2026. During these meetings, the Scheme of Amalgamation for merging Hill View Infrabuild Limited into Salasar Techno Engineering Limited was put to vote.

Both equity shareholders and creditors (secured and unsecured) overwhelmingly supported the scheme. Specifically, 99.72% of equity shareholders voted in favour, while secured creditors and unsecured creditors, by value, gave their full 100% approval.

Why this matters

This approval is a crucial step forward in the amalgamation process. Securing the backing of shareholders and creditors removes a major hurdle, indicating broad consensus among those with a stake in the company. It paves the way for the scheme to proceed towards its final legal stages.

The backstory

Salasar Techno Engineering Limited is involved in the business of manufacturing and supplying various types of structures like Power Transmission Towers, Telecom Towers, and also undertakes projects related to infrastructure, railways, and defence.

What changes now

With these approvals in place, the company can now pursue the final sanction from the NCLT and other regulatory bodies. The appointed date for the scheme is set for April 1, 2025, subject to these final approvals. Upon successful implementation, Salasar Techno Engineering will issue new equity and preference shares as consideration for the amalgamation.

Concerns and Watch Points

The primary concern remains the final approval from the NCLT and any other applicable authorities. Until this is secured, the amalgamation is not legally complete. Any potential modifications suggested by the authorities could also impact the scheme's final structure.

Investor Takeaway

The strong voting results are positive for investors, signalling confidence in the management's strategic move. The focus now shifts to the timeline for obtaining the final NCLT order and the subsequent execution of the merger, which will lead to the issuance of new shares to the shareholders of the erstwhile Hill View Infrabuild Limited.

Key Figures in the Amalgamation Consideration:

• Equity Shares: 2,87,430 equity shares of face value ₹1 each will be issued for every 100 equity shares of face value ₹10 held in Hill View Infrabuild.
• Preference Shares: 8,358 (5%) non-cumulative compulsorily redeemable preference shares (CRPS) of face value ₹10 each will be issued for every 100 equity shares held in the transferor company.
• CRPS Terms: These CRPS will carry a 5% annual coupon rate and can be redeemed early, with a maximum tenure of 20 years. They will not be listed on stock exchanges.
• Creditor Entitlements: Secured creditors are owed ₹348.30 crore, and unsecured creditors are owed ₹591.83 crore.