The Board of PTL Enterprises Ltd. (BSE:509220) entered into a scheme of arrangement to spin-off Artemis Global Life Sciences Ltd. (‘AGLS') on February 2, 2016. Under the terms of the transaction, the whole of the medicare and healthcare undertaking of PTL Enterprises will be transferred to AGLS and AGLS will issue and allot 1 fully paid up share on a proportionate basis to each shareholder of PTL Enterprises. The shares held by PTL Enterprises in AGLS, shall be cancelled. Upon completion, the beneficial economic interest of the shareholders of PTL Enterprises in AGLS will be in the same proportion as in PTL Enterprises. The distribution record date is March 23, 2017.

The transaction was approved by the Board of PTL Enterprises and is subject to the sanction of the relevant High Courts, the approval of the creditors and shareholders of PTL Enterprises and statutory, regulatory and other approvals. The meeting of the shareholders of PTL Enterprises will be held on July 4, 2016. The transaction was approved by Hon'ble High Court of Kerala on December 16, 2016. The deal has been approved by the shareholders and unsecured creditors of PTL Enterprises. On January 20, 2017, the transaction received approval from the court of Kerala. On March 1, 2017, the National Company Law Tribunal approved the deal. As of March 17, 2017, the record date has been fixed as March 29, 2017. Chitale & Associates acted as valuer in the transaction. JM Financial Institutional Securities Ltd. provided fairness opinion to PTL Enterprises and AGLS. Satish Kumar Dinavahi of Chitale Legal acted as legal advisor to PTL Enterprises Ltd.

PTL Enterprises Ltd. (BSE:509220) completed the spin-off Artemis Global Life Sciences Ltd. (‘AGLS') for INR 9.3 billion on March 30, 2017. As reported, 0.5 million equity shares of Artemis Global Life Sciences were cancelled and 66.2 million equity shares were allotted to the shareholders of PTL Enterprises Ltd. on March 30, 2017 in the ratio of 1 equity share in Artemis Global Life Sciences for every 1 equity share held in PTL Enterprises Ltd.