India Glycols Ltd (IGL) has received approval from the National Company Law Tribunal (NCLT), Allahabad Bench, for its proposed demerger of the company’s biopharma and spirits and biofuel businesses into two separate listed entities, marking a key milestone in its restructuring plan.
In a stock exchange filing on Monday, the company said it has received the tribunal’s order dated July 17, 2026, approving the Scheme of Arrangement involving India Glycols, Ennature Bio Pharma Ltd and IGL Spirits Ltd. The order was uploaded on the NCLT website on July 20, while the certified copy is awaited.
Under the approved scheme, IGL’s biopharma business will be transferred to Ennature Bio Pharma, while its spirits and biofuel business will move to IGL Spirits. The appointed date for the demerger is April 1, 2026. The company said it will separately announce the effective date after completing the remaining legal and regulatory formalities.
The restructuring is aimed at creating independent businesses with dedicated management and sharper operational focus. Following the demerger, India Glycols will continue to own and operate its remaining businesses.
As part of the arrangement, shareholders of India Glycols will receive shares in both resulting companies. For every three equity shares held in India Glycols, shareholders will receive one equity share of Ennature Bio Pharma. They will also receive one equity share of IGL Spirits for every one equity share held in India Glycols. The record date for determining eligible shareholders will be announced later.
The tribunal noted that the scheme had received overwhelming shareholder and creditor support. Equity shareholders approved the proposal with virtually unanimous voting, while all unsecured creditors who participated in the voting process supported the scheme.