India Glycols demerger: key dates, ratios 2026

What changed on September 1, 2026

India Glycols Limited has completed its long-planned corporate restructuring, with its three-way demerger becoming effective from September 1, 2026. The reorganisation splits the company into three focused businesses that will operate as separate entities. The continuing India Glycols will remain the listed chemicals business, while two resulting companies will house the carved-out verticals. The spirits and biofuel undertaking moves into IGL Spirits Limited, and the biopharma and nutraceutical undertaking moves into Ennature Bio Pharma Limited. The company has said the resulting companies ceased to be subsidiaries of India Glycols after the scheme became effective. The restructuring follows a Scheme of Arrangement under Sections 230 and 232 of the Companies Act, 2013.

NCLT approval and the filing that made it effective

The National Company Law Tribunal (NCLT), Allahabad Bench, sanctioned the Scheme of Arrangement on July 17, 2026. India Glycols later confirmed it received the certified true copy of the NCLT order on August 20, 2026, referencing its exchange filing dated 20 August 2026 (letter no. IGL/SE/2026-27/45). On the effective date, September 1, 2026, the company filed the certified true copy of the NCLT order with the Registrar of Companies, which finalised the separation of business verticals. The scheme covers India Glycols Limited as the demerged company, Ennature Bio Pharma Limited as Resulting Company 1, and IGL Spirits Limited as Resulting Company 2. The appointed date for the transaction remains April 1, 2026, as reiterated in the disclosures.

Record date and who gets the new shares

India Glycols fixed September 2, 2026, as the record date for share allotments. Only shareholders holding India Glycols shares on this record date are eligible for entitlements in the two resulting companies. Under the share entitlement structure, investors receive equity shares in IGL Spirits and Ennature Bio Pharma based on a specified ratio. The company has also illustrated the outcome using an example to clarify how entitlements work across the three entities after the split.

Share entitlement ratios: IGL Spirits and Ennature Bio Pharma

The share allotment ratio for IGL Spirits Limited is 1:1. This means eligible shareholders will receive one equity share of IGL Spirits for every one equity share held in India Glycols. The share allotment ratio for Ennature Bio Pharma Limited is 1:3, meaning shareholders will receive one equity share of Ennature Bio Pharma for every three India Glycols shares held. The disclosures also mention face value details: shares referenced for both India Glycols and the resulting entities are stated as face value Rs 5. Existing equity shares held by India Glycols in the resulting companies will be cancelled once the scheme becomes effective, as described in the scheme details.

Example of how the split works for an investor

India Glycols has provided a numerical example for clarity. A shareholder with 300 shares of India Glycols on the record date would receive 300 shares of IGL Spirits (based on the 1:1 ratio) and 100 shares of Ennature Bio Pharma (based on the 1:3 ratio). After the demerger, such a shareholder would hold securities across three entities: the continuing India Glycols, plus IGL Spirits and Ennature Bio Pharma. The example is intended to help investors reconcile post-demerger holdings across the three companies.

Market reaction and investor communication

Shares of India Glycols jumped about 5% on Wednesday, September 2, following the demerger becoming effective on September 1. The company also scheduled an analyst and investor physical meeting in Mumbai on September 2, 2026, to discuss the post-split operational roadmap. Separately, the update references observation letters issued by the National Stock Exchange, including Observation Letter No. NSE/LIST/48932 dated 17 November, 2025, along with another observation letter dated 19 November, 2025, in connection with IGL Spirits Limited.

What Ennature Bio Pharma says it will focus on

Following the demerger, India Glycols’ biopharma division is positioning Ennature Bio Pharma Limited as a pure-play growth vehicle. The company has outlined a structured expansion blueprint, including a plan to launch one new Active Pharmaceutical Ingredient (API) each year. It also plans to move aggressively into the dietary fibre segment, which it has described as high-margin. Alongside the growth push, the strategy includes defending and expanding its global footprint in Thiocolchicoside and specialised nicotine derivatives. These priorities were presented as central to the post-demerger business roadmap.

Financial target shared for the demerged biopharma business

The demerged biopharma business has set a medium-term profitability goal. Ennature Bio Pharma targets an EBITDA of ₹130 crore to ₹150 crore over the next four to five years, according to the disclosed blueprint. While the disclosures outline the target and growth levers, they do not provide additional financial line items in the provided text. Investors will likely track whether the company’s annual API launches and the dietary fibre ramp-up align with this EBITDA ambition.

Key facts table

Listing and what happens next

Both resulting entities, Ennature Bio Pharma Limited and IGL Spirits Limited, are expected to apply for independent listing on BSE and NSE, subject to obtaining necessary regulatory approvals. The boards of all three companies have finalised key dates and the resulting entities have also finalised their boards of directors, as stated in the disclosures. For shareholders, the immediate operational takeaway is that eligibility hinges on the September 2, 2026 record date and the entitlement ratios. The next set of updates will likely come through regulatory approvals and exchange processes linked to the listing of the resulting companies.