Mawana Sugars (MSL) received NCLT approval for the first step of its amalgamation with wholly-owned subsidiary Mawana Foods (MFPL). The merger aims to simplify the corporate structure.

As MFPL is a wholly-owned subsidiary, there will be no new share issuance by MSL, meaning no dilution for existing MSL shareholders.

MSL will now convene meetings for its 56,107 equity shareholders and 586 unsecured creditors to seek their approval for the scheme.

Other creditor and shareholder meetings were dispensed due to consents.