Royal Cushion Vinyl Products Limited (BSE:526193) agreed to scheme of amalgamation to acquire Royal Spinwell and Developers Private Limited on January 4, 2022. As of March 31, 2021, Royal Spinwell and Developers Private Limited has reported net worth of INR 0.88 million. The transaction is subject to the necessary statutory and regulatory approvals of (i) the shareholders, creditors, lenders and bankers of both of the Companies and other parties to the Scheme, as may be directed by the Hon'ble National Company Law Tribunal (“NCLT”), (ii) the BSE Limited ("Stock Exchange" / “BSE”) and (iii) any other contractual and regulatory approvals, permissions, consents, sanctions, exemption as may be required under applicable laws, regulations, guidelines in relation to the Scheme and as set out in the Scheme.

The Board of Directors of Royal Cushion Vinyl Products Limited has approved the transaction.