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Solarworld Subsidiary Gets ALMM Enlistment for 1.552 GW Solar PV Module Capacity
Solarworld Energy Solutions' wholly owned subsidiary, Znshine Solarworld Private Limited, has received official enlistment in the Approved List of Models and Manufacturers (ALMM) by the Ministry of New & Renewable Energy. This approval covers a significant annual capacity of 1.552 GW for Solar PV modules. The enlistment is a critical regulatory requirement, as only ALMM-registered manufacturers are permitted to supply modules to grid-connected solar projects in India. This development effectively clears the path for the company to commence large-scale domestic supplies and participate in government-backed projects.
Key Highlights
Wholly owned subsidiary Znshine Solarworld enlisted in ALMM List-I by the MNRE
Approval covers an annual manufacturing capacity of 1.552 GW of Solar PV modules
The license is valid for a period of 4 years, expiring on December 21, 2029
Enables the subsidiary to supply solar panels to all grid-connected projects in India
💼 Action for Investors
This is a major operational milestone that unlocks a significant portion of the Indian solar market for the company. Investors should watch for new contract wins and improved revenue guidance following this regulatory clearance.
IIFL Finance to Raise Up to Rs 800 Crore via Private Placement of NCDs
IIFL Finance has approved the issuance of Non-Convertible Debentures (NCDs) totaling up to Rs 800 crore on a private placement basis. The fundraise is divided into two options: Option A involves unsecured subordinated NCDs worth up to Rs 700 crore, while Option B consists of perpetual NCDs worth up to Rs 100 crore. Both options include green shoe components to retain oversubscription. These instruments will be listed on the National Stock Exchange (NSE) to support the company's capital requirements.
Key Highlights
Total fundraise approved for up to Rs 800 crore through two distinct NCD options.
Option A: Base issue of Rs 200 crore with a green shoe option of Rs 500 crore for subordinated NCDs.
Option B: Base issue of Rs 50 crore with a green shoe option of Rs 50 crore for perpetual NCDs.
Penalty of 2% p.a. additional interest over the coupon rate in case of payment defaults.
Instruments are unsecured, rated, and proposed to be listed on the NSE.
💼 Action for Investors
Investors should view this as a positive step for capital adequacy and growth funding. Monitor the final coupon rates to assess the company's current cost of borrowing in the debt market.
Apollo Micro Systems Secures 2 DRDO Technology Transfers for Directed Energy Weapon Systems
Apollo Micro Systems has received approval from DRDO for two critical Transfers of Technology (ToT) in the Directed Energy Weapon (DEW) domain. The first technology involves a Multi-Channel 10 kW Laser DEW System from CHESS, Hyderabad, while the second covers EO Tracking Systems from IRDE, Dehradun. These technologies will enable the company to manufacture advanced weapon systems capable of precision strikes against UAVs and missiles. This strategic move strengthens the company's position in the indigenous defense sector and complements its existing Anti-Drone System projects.
Key Highlights
Received ToT for a Multi-Channel 10 kW Laser Directed Energy Weapon (DEW) System from DRDO-CHESS
Acquired technology for EO Tracking Systems with EO Sensors for DEW from DRDO-IRDE
Technologies enable the design and manufacture of high-powered laser systems for all warfighting environments
New capabilities will be integrated into existing 'Make' category Anti-Drone Systems for the Indian Armed Forces
💼 Action for Investors
Investors should monitor the company's progress in commercializing these technologies, as they provide a significant competitive moat in the high-growth defense electronics market. The integration with existing anti-drone projects could lead to larger contract wins from the Indian Armed Forces.
CARE Reaffirms DCB Bank's Ratings; Enhances CD Programme Limit to ₹2,000 Crore
CARE Ratings has reaffirmed DCB Bank's Tier II Bonds at 'CARE AA-; Stable' and its Certificate of Deposit (CD) programme at 'CARE A1+', while increasing the CD limit to ₹2,000 crore from ₹1,500 crore. The bank maintains a healthy Capital Adequacy Ratio of 16.77% as of March 2025, further supported by a recent ₹83 crore promoter capital infusion in October 2025. Asset quality remains stable with Net NPA at 1.21% as of September 2025, though the CASA ratio of 23.52% trails behind industry peers. Total advances showed robust growth of 19% year-on-year, reaching ₹52,975 crore.
Key Highlights
Reaffirmed 'CARE AA-; Stable' for ₹400 crore Tier II Bonds and 'CARE A1+' for short-term deposits.
Enhanced Certificate of Deposit programme limit by ₹500 crore to a total of ₹2,000 crore.
Capital Adequacy Ratio (CAR) remains comfortable at 16.77% with a recent ₹83 crore infusion by promoters (AKFED).
Asset quality stable with GNPA at 2.91% and NNPA at 1.21% as of September 30, 2025.
Advances grew 19% YoY to ₹52,975 crore, with 86% of the portfolio consisting of small-ticket retail loans.
💼 Action for Investors
The rating reaffirmation and limit enhancement signal stable financial health and adequate liquidity for DCB Bank. Investors should monitor the bank's ability to improve its CASA ratio and ROTA above 1% for potential future rating upgrades.
IIFL Finance to Raise Up to Rs 800 Crore via Private Placement of NCDs
IIFL Finance's Finance Committee has approved the issuance of Non-Convertible Debentures (NCDs) totaling up to Rs 800 crore through private placement. The fundraise is divided into two options: Option A involves unsecured subordinated NCDs worth up to Rs 700 crore, while Option B consists of perpetual unsecured NCDs worth up to Rs 100 crore. Both instruments will be listed on the National Stock Exchange (NSE) to bolster the company's capital position. This move is a standard procedure for NBFCs to manage liquidity and support lending growth.
Key Highlights
Total fundraise approved for up to Rs 800 crore across two distinct NCD categories.
Option A consists of unsecured subordinated NCDs with a base issue of Rs 200 crore and a Rs 500 crore green shoe option.
Option B includes perpetual unsecured NCDs with a total size of up to Rs 100 crore (Rs 50 crore base + Rs 50 crore green shoe).
Company to pay an additional 2% p.a. interest in the event of any delay in interest or principal payments.
The instruments are proposed to be listed on the National Stock Exchange of India Limited (NSE).
💼 Action for Investors
Investors should monitor the company's cost of borrowing and how this capital is deployed to drive loan book growth. The successful placement of these NCDs will reflect institutional confidence in the company's credit profile.
Orient Cement to Merge with Ambuja Cements; Swap Ratio Set at 33:100
The Board of Orient Cement (OCL) has approved a scheme of amalgamation with its parent company, Ambuja Cements. Under the merger terms, OCL shareholders will receive 33 shares of Ambuja Cements for every 100 shares held in OCL. This move consolidates the Adani Group's cement operations, integrating OCL's FY24-25 revenue of ₹2,708.83 crore into Ambuja's larger ecosystem. The merger is subject to NCLT and regulatory approvals and aims to drive operational synergies and logistical efficiencies.
Key Highlights
Share exchange ratio of 33 Ambuja Cements shares (FV ₹2) for every 100 Orient Cement shares (FV ₹1)
Orient Cement reported standalone revenue of ₹2,708.83 crore and net worth of ₹1,807.91 crore for FY24-25
Ambuja Cements currently holds a 72.66% stake in OCL; the merger will lead to 100% ownership and OCL's delisting
Public shareholding in the combined Ambuja Cements entity is projected to increase from 32.30% to 32.80%
The merger aims to unify manufacturing and commercial functions to optimize resource allocation across the Adani Group
💼 Action for Investors
OCL shareholders should hold their positions to transition into shares of a larger, more diversified market leader (Ambuja Cements). Investors can monitor the price parity between OCL and Ambuja to identify any short-term arbitrage opportunities based on the 33:100 swap ratio.
Ambuja Cements Outlines ACC & Orient Merger; Swap Ratios & Rs 100/PMT Synergy Gains Detailed
Ambuja Cements is consolidating its cement business by merging ACC and Orient Cement into a single entity, creating a 107 MTPA powerhouse. The share swap ratios are 328 Ambuja shares for every 100 ACC shares and 33 Ambuja shares for every 100 Orient shares. Management expects the merger to deliver operational synergies resulting in a margin expansion of at least Rs. 100 per metric ton. The transaction, which simplifies the corporate structure and eliminates MSA requirements, is expected to be completed within 12 months.
Key Highlights
Share swap ratio: 328 Ambuja shares for 100 ACC shares and 33 Ambuja shares for 100 Orient shares.
Merger expected to improve margins by at least Rs. 100 per metric ton (PMT) through cost optimization.
Combined entity will have a total capacity of 107 MTPA with 24 integrated units and 22 grinding units.
Promoter holding to be 60.94% post-merger of ACC, Orient, Sanghi, and Penna.
Transaction expected to be completed within 12 months, subject to NCLT and shareholder approvals.
💼 Action for Investors
The merger simplifies the Adani Group's cement holdings and should lead to better capital allocation and operational efficiency. Investors may maintain a positive outlook as the unified platform strengthens market leadership and improves profitability.
HFCL Launches QIP with Floor Price of ₹65.84 per Share
HFCL Limited has officially launched its Qualified Institutions Placement (QIP) on December 22, 2025, to raise capital from institutional investors. The floor price for the issue has been fixed at ₹65.84 per equity share, based on SEBI pricing formulas. The company retains the discretion to offer a discount of up to 5% on this floor price to participating investors. This fundraise follows a series of approvals from the Board in July 2025 and shareholders in September 2025.
Key Highlights
QIP issue officially opened on December 22, 2025, following Fund Raising Committee approval.
Floor price for the equity shares set at ₹65.84 per share of face value ₹1.
Company authorized to offer a discount of up to 5% on the floor price at its discretion.
Trading window for designated persons remains closed until December 28, 2025, for the purpose of the issue.
💼 Action for Investors
Investors should monitor the final issue price and the profile of institutional participants to assess market sentiment. While the QIP will lead to equity dilution, the capital infusion is expected to strengthen the balance sheet for future growth.
Suraj Estate Developers Receives ₹37.04 Crore GST Demand and Penalty Notice
Suraj Estate Developers has received an adjudication order from the CGST & Central Excise department for the period FY 2018-19 to FY 2022-23. The order demands a GST payment of ₹18.61 crores along with a penalty of ₹18.43 crores and applicable interest. The company states that the demand primarily relates to payments made to the Brihanmumbai Municipal Corporation (BMC) and other statutory authorities. Management believes the demand is not maintainable and plans to file an appeal with the Commissioner (Appeals - II).
Key Highlights
GST demand of ₹18.61 crores raised for the period FY 2018-19 to FY 2022-23
Additional penalty of ₹18.43 crores imposed alongside applicable interest under Section 50(1)
Demand is based on audit findings related to payments made to BMC and other statutory bodies
Company intends to contest the order and file an appeal with the Commissioner (Appeals - II)
💼 Action for Investors
Investors should monitor the progress of the appeal as the total demand and penalty exceed ₹37 crores. While the company is optimistic about the legal outcome, any unfavorable final ruling could impact future cash flows.
Ambuja Cements Board Approves Merger of ACC and Orient Cement; Swap Ratios Announced
Ambuja Cements has approved the merger of ACC Ltd and Orient Cement Ltd to create a unified 'One Cement Platform' under the Adani Group. The swap ratio is set at 328 Ambuja shares for every 100 ACC shares and 33 Ambuja shares for every 100 Orient Cement shares. This consolidation aims to improve margins by at least Rs. 100 per metric tonne through manufacturing and logistics optimization. The merger supports the company's target to reach 155 MTPA capacity by FY28 and simplifies the corporate structure by eliminating subsidiary-level agreements.
Key Highlights
Swap ratio of 328 Ambuja shares (FV Rs. 2) for every 100 ACC shares (FV Rs. 10)
Swap ratio of 33 Ambuja shares (FV Rs. 2) for every 100 Orient Cement shares (FV Re. 1)
Expected margin expansion of at least Rs. 100 per metric tonne (PMT) through operational synergies
Consolidated entity aims for 155 MTPA capacity by FY28, up from the current ~107 MTPA
Transaction expected to be completed within the next 12 months, pending regulatory approvals
💼 Action for Investors
Investors should view this as a long-term value-unlocking move that creates a Pan-India powerhouse with superior cost efficiencies. Existing shareholders of ACC and Orient Cement will transition into a larger, more liquid entity with a stronger balance sheet.
HFCL Fund Raising Committee Approves Equity Issuance via Qualified Institutions Placement (QIP)
HFCL Limited's Fund Raising Committee has formally approved the issuance of equity shares through a Qualified Institutions Placement (QIP) on December 22, 2025. This decision follows earlier approvals from the Board of Directors in July 2025 and shareholders in September 2025. The shares will have a face value of ₹1 each, aimed at raising capital under SEBI ICDR Regulations. This move indicates the company is moving forward with its capital expansion plans to support its business operations and growth initiatives.
Key Highlights
Fund Raising Committee approved equity issuance via QIP on December 22, 2025.
The proposal follows a prior Board approval dated July 25, 2025.
Shareholders provided consent via a special resolution during the AGM on September 15, 2025.
The equity shares to be issued carry a face value of ₹1 per share.
The issuance will be conducted in accordance with SEBI ICDR Regulations and the Companies Act, 2013.
💼 Action for Investors
Investors should monitor for the upcoming announcement regarding the QIP floor price and the total issue size to assess the extent of equity dilution. The capital infusion is expected to strengthen the balance sheet for HFCL's expansion in the telecom and technology sectors.
ACC Limited to Merge with Ambuja Cements; Swap Ratio Set at 328:100
The Board of ACC Limited has approved a scheme of amalgamation with its parent company, Ambuja Cements Limited, to consolidate the Adani Group's cement operations. Under the swap ratio, ACC shareholders will receive 328 shares of Ambuja Cements for every 100 shares held in ACC. The merger aims to drive operational efficiencies and business synergies by combining ACC's FY25 consolidated revenue of ₹21,762 crore with Ambuja's ₹35,045 crore. The transaction is subject to NCLT and regulatory approvals and will result in a unified corporate structure.
Key Highlights
Share exchange ratio fixed at 328 shares of Ambuja Cements (FV ₹2) for every 100 shares of ACC (FV ₹10).
ACC reported consolidated revenue of ₹21,762.31 crore and net worth of ₹18,558.63 crore for FY 2024-25.
Ambuja Cements reported consolidated revenue of ₹35,044.76 crore and net worth of ₹63,811.42 crore for FY 2024-25.
Post-merger, public shareholding in Ambuja Cements is expected to increase from 32.30% to 38.32%.
The merger will unify manufacturing and commercial functions to optimize resource allocation and unlock economies of scale.
💼 Action for Investors
Investors should compare the current market price of ACC and Ambuja to assess the arbitrage or premium offered by the 328:100 swap ratio. The consolidation is likely to be value-accretive in the long term due to significant cost synergies and a simplified group structure.
Ambuja Cements to Merge ACC Ltd and Orient Cement; Swap Ratio Set at 328:100 for ACC
The Board of Ambuja Cements has approved the merger of its subsidiaries, ACC Limited and Orient Cement Limited, into itself to create a unified cement powerhouse. For the ACC merger, shareholders will receive 328 Ambuja shares for every 100 ACC shares held. This consolidation aims to unlock significant operational synergies and streamline the Adani Group's cement business, which saw a combined standalone revenue exceeding ₹41,000 crore in FY25. The move follows recent acquisitions of Sanghi Industries and Penna Cement, signaling aggressive consolidation in the sector.
Key Highlights
Ambuja Cements to issue 328 equity shares (FV ₹2) for every 100 shares of ACC Limited (FV ₹10).
Combined standalone revenue of Ambuja and ACC for FY25 stands at approximately ₹41,121 crore.
Ambuja's promoter shareholding to adjust from 67.65% to 61.63% post-ACC merger.
Merger includes Orient Cement (Revenue ₹2,708.83 Cr) to further enhance manufacturing footprint.
Consolidation aims to optimize resource allocation and achieve economies of scale across the Adani cement ecosystem.
💼 Action for Investors
Investors should view this as a long-term positive for Ambuja Cements due to simplified corporate structure and synergy benefits. ACC shareholders should evaluate the swap ratio, which reflects a strategic premium for consolidation.
Lloyds Ent to Demerge Real Estate into New Listed Entity; 1:2 Share Ratio & ₹7,000 Cr Revenue
Lloyds Enterprises (LEL) has announced a major restructuring to demerge its real estate business into a separate listed entity, Lloyds Realty Limited (LRL). The process involves merging existing subsidiaries, including Indrajit Properties which adds ₹300 crore in reserves, before demerging the consolidated unit. Shareholders will receive 1 share of LRL for every 2 shares held in LEL, providing direct exposure to a ₹7,000 crore revenue pipeline. The new entity will manage over 15 million sq. ft. of developable area across 270 acres in the Mumbai Metropolitan Region.
Key Highlights
Demerger ratio set at 1 share of Lloyds Realty for every 2 shares of Lloyds Enterprises held.
Projected revenue potential of ₹7,000+ crore from a 15 million sq. ft. development pipeline over 5 years.
Consolidation of Indrajit Properties contributes over ₹300 crore in cash reserves to the new entity.
Total land bank of 270 acres across prime locations including Bandra, Goregaon, Thane, and Taloja.
Restructuring aims to decouple high-growth real estate from core steel trading with expected completion by Q4 FY27.
💼 Action for Investors
Investors should hold the stock to benefit from the value unlocking and the 1:2 share entitlement in the new pure-play real estate entity. Monitor the regulatory approval process and the timeline for the independent listing of Lloyds Realty Limited.
Orient Cement to Merge with Ambuja Cements; Swap Ratio Set at 33:100
The Board of Orient Cement Limited has approved a scheme of amalgamation with its parent company, Ambuja Cements Limited, which currently holds a 72.66% stake. Under the merger terms, minority shareholders of Orient Cement will receive 33 shares of Ambuja Cements for every 100 shares held. Orient Cement reported a standalone revenue of ₹2,708.83 crore and a net worth of ₹1,807.91 crore for FY 2024-25. The consolidation aims to drive operational efficiencies and streamline the Adani Group's cement business structure.
Key Highlights
Share exchange ratio fixed at 33 equity shares of Ambuja Cements (FV ₹2) for every 100 shares of Orient Cement (FV ₹1).
Ambuja Cements currently holds 72.66% of Orient Cement; post-merger, Orient Cement will be dissolved.
Orient Cement's FY25 standalone revenue was ₹2,708.83 crore with a net worth of ₹1,807.91 crore.
The merger is part of a broader consolidation strategy including other entities like Sanghi Industries and Penna Cement.
The scheme is subject to statutory and regulatory approvals, including the National Company Law Tribunal (NCLT).
💼 Action for Investors
Investors should compare the current market price of Orient Cement against the value of 0.33 Ambuja shares to assess the merger premium. Existing shareholders will benefit from becoming part of a larger, more liquid entity with significant scale and synergies.
Royal Orchid Hotels Shareholders Approve New Independent Directors with 94% Majority
Royal Orchid Hotels Limited (ROHLTD) has successfully passed two special resolutions via postal ballot for the appointment of new Independent Directors. Shareholders approved the appointments of Mr. Rakesh Mehta and Ms. Nithyalakshmi Subramanian with a significant majority of 94.02% votes in favor for both. The voting process saw participation representing 68.51% of the company's total paid-up equity capital. This move strengthens the company's board composition and ensures compliance with regulatory requirements for independent and women directors.
Key Highlights
Appointment of Mr. Rakesh Mehta as Independent Director approved with 1,76,65,874 votes (94.02% of valid votes).
Appointment of Ms. Nithyalakshmi Subramanian as Independent Women Director approved with 1,76,66,171 votes (94.02% of valid votes).
Total voter turnout represented 1,87,88,829 equity shares, accounting for 68.51% of the total paid-up capital.
Both resolutions were passed as Special Resolutions, comfortably exceeding the required 75% threshold.
The e-voting process was conducted between November 21 and December 21, 2025.
💼 Action for Investors
Investors should take note of the strengthened board governance, which is a positive sign for long-term stability. No immediate portfolio changes are necessary based on this routine but important administrative update.
Prestige Group Acquires 25-Acre Chennai Land with ₹5,000 Cr Revenue Potential
Prestige Estates Projects Limited has acquired a 25-acre land parcel in Medavakkam, Chennai, to develop a large-format residential project. The site offers a significant development potential of approximately 5 million square feet. The company estimates a top-line revenue potential of over ₹5,000 crore from this project. This acquisition strengthens Prestige's presence in Chennai, targeting the mid-segment housing demand near the OMR IT corridor.
Key Highlights
Acquisition of 25-acre land parcel in Medavakkam, a high-growth micro-market in Chennai
Total development potential estimated at approximately 5 million square feet
Projected top-line revenue potential exceeding ₹5,000 crore
Strategic proximity to the OMR IT corridor and upcoming metro connectivity
Adds to the company's massive pipeline of 130 projects spanning 199 million square feet
💼 Action for Investors
Investors should view this as a positive development that secures future revenue visibility and market share in Chennai. Monitor for updates on project launch timelines and regulatory approvals to assess the pace of cash flow generation.
VIP Industries Appoints Sameer Wanchoo as Chief Marketing Officer
VIP Industries has appointed Mr. Sameer Wanchoo as its Chief Marketing Officer and a member of the Senior Management Team, effective December 22, 2025. Mr. Wanchoo joins from Eureka Forbes, where he served as CMO and focused on digital transformation and D2C channel growth. His extensive background includes leadership roles at prominent FMCG companies such as Dabur India and CavinKare. This strategic hire aims to bolster VIP's brand positioning and consumer engagement in the competitive luggage and travel accessories market.
Key Highlights
Appointment of Mr. Sameer Wanchoo as CMO effective from December 22, 2025
Previously served as Chief Marketing Officer at Eureka Forbes Limited
Extensive experience in FMCG sector with prior roles at Dabur India and CavinKare
Expertise in launching new technologies and enhancing E-commerce and D2C consumer experiences
Holds a Post Graduate Diploma in Marketing from K.J. Somaiya Institute
💼 Action for Investors
Investors should monitor if the new leadership can drive market share gains through improved brand visibility and digital sales channels. No immediate action is required, but this is a positive step toward strengthening the company's consumer-facing strategy.
Lloyds Enterprises to Merge Realty Arms and Demerger Real Estate Business into New Listed Entity
Lloyds Enterprises Limited (LEL) has approved a composite scheme of arrangement to merge its subsidiaries, Lloyds Realty Developers and Indrajit Properties, into itself. Following the merger, the company will demerge its entire real estate business into a newly incorporated entity, Lloyds Realty Limited (LRL), which will be independently listed. This restructuring aims to unlock shareholder value by separating the core iron and steel trading business from the capital-intensive real estate segment, which represents approximately 7.49% of the post-merger turnover.
Key Highlights
Merger of Lloyds Realty Developers (Net worth ₹179.14 Cr) and Indrajit Properties (Net worth ₹320.98 Cr) into LEL.
Demerger of the combined Real Estate Business into Lloyds Realty Limited (LRL) for separate listing.
Share exchange ratio of 43 equity shares of LEL for every 350 shares held in Lloyds Realty Developers Limited.
LEL standalone net worth stands at ₹5,211.22 Cr with total assets of ₹6,149.77 Cr as of September 2025.
The scheme is subject to NCLT, regulatory, and majority public shareholder approvals.
💼 Action for Investors
Investors should maintain their positions to benefit from the value unlocking through the separate listing of the real estate business. Monitor the NCLT approval process and the specific share entitlement ratio for the new entity (LRL) once finalized.
Lloyds Enterprises to Merge Realty Arms and Demerge Real Estate Business for Separate Listing
Lloyds Enterprises Limited (LEL) has approved a composite scheme of arrangement to merge two subsidiaries, Lloyds Realty Developers Limited (LRDL) and Indrajit Properties Private Limited (IPPL), into itself. Subsequently, the company will demerge its 'Real Estate Business' into a newly formed entity, Lloyds Realty Limited (LRL), which will be independently listed on the stock exchanges. The real estate division contributed approximately 7.49% (₹48.11 crore) to the post-merger entity's turnover, and the move is designed to unlock shareholder value and provide strategic focus for each business segment.
Key Highlights
Merger of LRDL (Net worth ₹179.14 Cr) and IPPL (Net worth ₹320.98 Cr) into Lloyds Enterprises Limited.
Share exchange ratio of 43 equity shares of LEL for every 350 equity shares held in LRDL.
Demerger of the entire Real Estate Business into Lloyds Realty Limited (LRL) for a separate listing.
LEL's standalone net worth as of September 30, 2025, stands at ₹5,211.22 crore with total assets of ₹6,149.77 crore.
The restructuring aims to create a leaner corporate structure and allow targeted fund-raising for the capital-intensive real estate business.
💼 Action for Investors
Investors should view this as a value-unlocking exercise that provides direct exposure to the real estate business through the upcoming listing of LRL. Monitor the timeline for NCLT and shareholder approvals to gauge when the demerger will be finalized.