Kovilpatti Lakshmi Roller Flour Mills Limited (BSE:507598) agreed to acquire Raya Foods Private Limited on August 22, 2022. Kovilpatti Lakshmi Roller will issue 14 equity shares shall be issued and allotted for every 10 shares held by the shareholders in Raya Foods Private. Mefcom Capital Markets Limited have provided their fairness opinion on the valuation and the Share Exchange Ratio.

The Scheme shall be subject to the requisite approval / permission / no objection / sanction of the shareholders and creditors of the respective companies, BSE Limited, the Hon'ble National Company Law Tribunal at Chennai Bench and such other statutory and other regulatory authorities as may be required in this regard and Board of Directors of Kovilpatti Lakshmi at their meeting held on August 22, 2022 has considered and approved the Scheme of Amalgamation with Raya Foods Private Limited. NCLT has directed Kovilpatti Lakshmi Roller Flour Mills Limited to convene a shareholder and creditor meeting on June 22, 2023, to approve the transaction.