NBCC to merge with HSCC under Scheme of Arrangement; Regulation 37(6) intimation filed

M&A / JV 18 Jul 2026 · Announced· ✓ Verified

NBCC (India) Limited, a publicly listed infrastructure and engineering company, initiated a Scheme of Arrangement with HSCC (India) Limited, another listed entity. The intimation was filed with NSE under Regulation 37(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming the scheme involves both companies' shareholders and creditors. A Scheme of Arrangement is the formal statutory vehicle under the Indian Companies Act for mergers requiring creditor protection or court sanction, indicating this transaction involves material creditor or structural considerations beyond a simple shareholder approval.

Why it mattersUnder SEBI Listing Obligations, a listed company's material merger triggers Regulation 37(6) disclosure to the exchange; the use of a Scheme of Arrangement (rather than a contractual merger) signals potential NCLT involvement and suggests this is a complex restructuring, likely involving creditor classes or inter-company cross-holdings.
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