The Board of Mahalaxmi Rubtech Limited (BSE:514450) entered into Scheme of Arrangement to Spin-Off Globale Tessile Private Limited on February 16, 2023. Under the terms of transaction, In consideration of transfer of the First Demerged Undertaking of the Demerged Company, the First Resulting Company shall issue and allot 1,06,20,275 new Equity Shares Capital of Rs. 10/- (Rupees Ten Only) each, credited as fully paid-up, to the Shareholders of the Demerged Company, in the ratio of 1 (One) new Equity Share of the First Resulting Company, for every 1 (One) Equity Share in the Demerged Company. Upon coming into effect of the Scheme, the entire issued, subscribed and paid-up Equity Shares Capital of the First Resulting Company and the Second Resulting Company shall be cancelled. On a Standalone basis, in the Financial Year 2021-22, (i) Turnover of the Globale Tessile Private Limited is INR 4789.17 Lakh. The Board of Directors of the Company in its Board Meeting held on February 16, 2023, at the Corporate Office of the Company, have transacted and approved the Transaction.

Mahalaxmi Rubtech Limited (BSE:514450) completed the Spin-Off of Globale Tessile Private Limited on April 1, 2024. Globale Tessile have submitted E-Form INC-28 with the Registrar of Companies, Ahmedabad.