The Board of Hercules Hoists Limited (BSE:505720) agreed to implement Scheme of Arrangement by spin-off Manufacturing business on September 23, 2022. In consideration of the Demerger, the Shareholders of the Demerged Company will receive equity shares in the Resulting Company, which will be listed on Stock Exchange(s). The Shares held by the Demerged Company in the Resulting Company (if any) will be cancelled upon the effectiveness of the Scheme as the shareholding pattern of the Demerged Company and the Resulting Company will be exactly the same (i.e mirror shareholding pattern).

The transaction will result into splitting of manufacturing business and investment business of the Hercules Hoists & Scheme will ensure focused management attention, resources and skill set allocation of both HHL and IML of Remaining Undertaking and Demerged Undertaking respectively with a view to rationalize and simplify the structure of the Demerged Undertaking. The Board of Directors of the Hercules Hoists at their meeting on September 23, 2022 approved the Scheme of Arrangement between the Company and Indef Manufacturing Limited .Post necessary regulatory and statutory approvals, the equity shares of the Resulting Company shall be listed on BSE Limited and the National Stock Exchange of India Limited.