Surya Roshni Limited (NSEI:SURYAROSNI) agreed to acquire remaining 73.01% stake in Surya Global Steel Tubes Ltd. for INR 1.7 billion on June 8, 2016. Surya Roshni will issue and allot to each shareholder of Surya Global Steel Tubes 782 shares for every 0.01 million shares held in Surya Global Steel Tubes. For the year ended March 31, 2016, Surya Global Steel Tubes reported profit after tax of INR 150.4 million and revenues from operations of INR 8.1 billion, total assets of INR 5.5 billion and net assets of INR 2.3 billion. All employees of Surya Global Steel Tubes will become employees of Surya Roshni post-merger. Surya Global Steel Tubes Ltd. would be dissolved post-merger. At a meeting on June 8, 2016, the Board of Surya Roshni approved the scheme of amalgamation of Surya Global Steel Tubes. The transaction is subject to approval from high court, shareholders and creditors of Surya Roshni and Surya Global Steel Tubes and approval from central government, or any other statutory or regulatory authority. National Company Law Tribunal will conduct a meeting of the secured creditors, unsecured creditors and shareholders of Surya Roshni Limited on July 23, 2017 and a meeting of the secured and unsecured creditors of the Surya Global Steel Tubes Limited will be on July 22, 2017. The National Company Law Tribunal Chandigarh Bench approved the transaction on December 11, 2017. The shareholders of Surya Roshni Limited approved the scheme of amalgamation with the requisite majority. The secured and unsecured creditors unanimously approved the scheme. As of January 25, 2018, board of Surya Roshni approved the allotment of 10.6 million shares to shareholders of Surya Global Steel Tubes Ltd. Pradeep Nauharia acted as chairperson and Harpinder Singh Jalal acted as alternate chairperson and Prince Chadha acted as scrutinizer of meeting of the secured creditors of the Surya Roshni Limited. AARA & Company acted as valuer in the transaction. Chander Sawhney and Maneesh Srivastava of Corporate Professionals Capital Private Limited acted as fairness opinion providers for Surya Roshni. Surya Roshni Limited (NSEI:SURYAROSNI) completed the acquisition of remaining 73.01% stake in Surya Global Steel Tubes Ltd. on January 11, 2018.