India Glycols demerger gets NCLT nod: share ratios 2026

India Glycols Limited has received the certified true copy of the National Company Law Tribunal (NCLT) order that sanctions its Composite Scheme of Arrangement. The Allahabad Bench of the NCLT approved the scheme on July 17, 2026, and the company said it formally received the certified order on August 20, 2026.

The approval is a key legal step for a demerger that will split India Glycols into three distinct entities, with two resulting companies receiving specific business undertakings. The appointed date for the transaction is April 1, 2026, while the effective date and record date for the scheme will be decided by the boards of the involved companies and communicated later.

NCLT approval and what it legally enables

The NCLT order sanctions the arrangement under which India Glycols Limited will transfer identified undertakings into two resulting companies: Ennature Bio Pharma Limited and IGL Spirits Limited. With the certified copy now received, the company can proceed with subsequent steps required to make the scheme effective, subject to board-determined timelines.

The company has described the exercise as a demerger into three entities. India Glycols Limited, already listed on BSE and NSE, will continue as the listed entity housing the remaining businesses after the transfers.

How the businesses will be split across three entities

Under the scheme, India Glycols Limited will retain chemicals, glycols, bio glycols, new speciality products, and industrial gases. The other two entities will house focused verticals.

IGL Spirits Limited will hold the spirits business, IMFL, country liquor, and the biofuel business. Ennature Bio Pharma Limited will manage the bio-pharma business and the bio-polymers business. Both resulting companies are planned to be listed on the NSE and the BSE, as stated in the scheme details shared.

Appointed date, effective date, and record date

The appointed date for the demerger is set as April 1, 2026. This date is typically used to define the point from which the business transfer is accounted for under the scheme.

The effective date and record date have not been specified in the provided details. India Glycols has stated that these dates will be determined by the boards of all involved companies and communicated subsequently. Investors tracking the corporate action will need to watch for these board decisions because the record date will determine share entitlement in the resulting companies.

Share entitlement: who gets what and in which ratio

The scheme includes defined share allotment ratios for shareholders of India Glycols Limited.

This means eligible shareholders will receive shares in both resulting companies based on their India Glycols holdings on the scheme record date, once that date is announced.

Dividend track: interim dividend and key dates

Separately from the demerger, India Glycols announced an interim dividend of ₹7.50 per equity share for FY2025-26. The record date for determining eligible shareholders was set as Monday, March 23, 2026, and the ex-dividend date was also March 23, 2026.

The company’s notice also indicated that dividend payments would be made electronically, tax deduction at source (TDS) would apply, and shareholders had a TDS document submission deadline of March 23, 2026. The payout was stated to be made within 30 days of declaration. Another timeline mention in the provided details said shareholders could expect the dividend in the bank account linked to the demat account within 25 to 45 business days after the record date.

Trading window closures around results and dividends

India Glycols disclosed multiple trading window closure periods. One disclosure said the trading window would be closed from April 1, 2026 until 48 hours after the audited financial results for the year ended March 31, 2026 are declared.

A separate disclosure also listed a closure window from March 11, 2026 to March 19, 2026 (both days inclusive). Such windows typically restrict dealing by insiders and connected persons during sensitive periods, as per internal code requirements.

Stock split record date and face value change

The company also reported a subdivision or stock split. August 12, 2025 was fixed as the record date for the subdivision, with the face value changing from ₹10.00 to ₹5.00. The board confirmed a 1:2 stock split.

These historical corporate actions matter for investors because dividend percentages and per-share amounts are often described with reference to face value. In the dividend notice, the interim dividend of ₹7.50 per share was described as 150% on a face value of ₹5.

Snapshot: ownership, valuation markers, and corporate details

The provided data points include promoter holding of 59.63%, market capitalisation of ₹7,187.95 (as reported), and a P/E of 24, with P/B listed as N/A.

The company’s registered office is listed as A-1 Industrial Area, Bazpur Road, Kashipur, Udham Singh Nagar, Uttarakhand, 244713.

Market impact: what investors should track next

For shareholders, the most important pending triggers are the effective date and the scheme record date, since these will determine the timing of share credits in Ennature Bio Pharma Limited and IGL Spirits Limited as per the 1:3 and 1:1 entitlement ratios.

The demerger also creates clearer business segmentation: chemicals and industrial products remaining in India Glycols, spirits and biofuel moving to IGL Spirits, and biopharma and bio-polymers moving to Ennature Bio Pharma. Because the resulting entities are planned to be listed on both BSE and NSE, investors will also track listing-related disclosures once the scheme becomes effective.

Analysis: why the NCLT-certified order matters

Receiving the certified true copy of the NCLT order is an operational milestone because it supports the next stage of implementation, beyond the July 17, 2026 sanction date. For investors, it reduces uncertainty around whether tribunal approval has been secured.

At the same time, the disclosure keeps the focus on what is still pending: the boards must decide the effective date and record date. Until these are announced, shareholders cannot precisely map timelines for entitlement and listing of the resulting businesses.

Conclusion

India Glycols has moved a step closer to executing its three-way demerger after receiving the certified copy of the NCLT Allahabad Bench order, sanctioned on July 17, 2026 and received on August 20, 2026. The appointed date is April 1, 2026, while the effective and record dates are yet to be announced by the boards.

The next set of updates investors will watch for are board communications on the effective date and record date, followed by steps linked to the planned BSE and NSE listings of Ennature Bio Pharma Limited and IGL Spirits Limited.