Praveg shareholders approve amalgamation with Eulogia Inn

Praveg Limited shareholders approved the Scheme of Amalgamation with Eulogia Inn Private Limited during a meeting convened by the National Company Law Tribunal (NCLT) on July 18, 2026. The resolution received 99.98% of the votes polled, with 13,205,526 shares in favour and 1,674 against. The scheme involves the amalgamation of Eulogia Inn Private Limited (Transferor Company) with Praveg Limited (Transferee Company) and their respective shareholders and creditors.

The meeting was held via Video Conferencing and Other Audio Visual Means at 2:30 p.m. IST, chaired by Mr. R.D. Gupta, Ex RoC/OL. Mr. Mahendrakumar P. Parmar, Advocate, served as the Scrutinizer. Remote e-voting commenced on July 15, 2026, and concluded on July 17, 2026. The total number of shareholders on the record date of July 11, 2026, was 43,893.

Voting Results

Category	Shares Held	Votes Polled	% of Votes Polled	Votes In Favour	Votes Against	% In Favour
Promoter and Promoter Group	12,072,294	12,008,325	99.47	12,008,325	0	100.00
Public - Institutions	1,480,986	492,034	33.22	492,034	0	100.00
Public - Non Institutions	12,587,415	706,841	5.62	705,167	1,674	99.76
Total	26,140,695	13,207,200	50.52	13,205,526	1,674	99.99

The resolution was passed with the requisite statutory majority as prescribed under Section 230 of the Companies Act, 2013. The meeting proceedings and video recording will be available on the company's website.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.22%	-2.83%	+15.34%	+6.97%	+6.97%	+6.97%

Praveg Limited has scheduled meetings for its equity shareholders, secured creditors, and unsecured creditors on Saturday, July 18, 2026, through Video Conferencing (VC) and Other Audio Visual Means (OAVM). The meetings, convened by the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench, via its order dated June 4, 2026 in Company Scheme Application CA(CAA)/16(AHM)2026, are aimed at considering and approving the proposed Scheme of Amalgamation with Eulogia Inn Private Limited.

Meeting Schedule and Voting Details

The meetings for the Transferee Company (Praveg Limited) will be held at the following times:

Meetings of	Day and Date of meetings	Time of meetings
Equity Shareholders	Saturday, July 18, 2026	02:30 p.m. (IST)
Secured Creditors	Saturday, July 18, 2026	03:30 p.m. (IST)
Unsecured Creditors	Saturday, July 18, 2026	04:30 p.m. (IST)

The meetings for the Transferor Company (Eulogia Inn Private Limited) are scheduled earlier on the same day:

Meetings of	Day and Date of meetings	Time of meetings
Equity Shareholders	Saturday, July 18, 2026	10:30 a.m. (IST)
Secured Creditors	Saturday, July 18, 2026	11:30 a.m. (IST)
Unsecured Creditors	Saturday, July 18, 2026	12:30 p.m. (IST)

Mr. R.D. Gupta, Ex-ROC/OL, has been appointed as the Chairman for the meetings of both companies. Mr. Mahendra Parmar, Ex Deputy Registrar, will act as the Scrutinizer. The e-voting facility is being provided by National Securities Depository Limited (NSDL). The cut-off date for determining the entitlement of creditors to vote and attend the meetings is Sunday, March 15, 2026.

Scheme of Amalgamation: Key Terms

The Scheme provides for the amalgamation of Eulogia Inn Private Limited (Transferor Company) into and with Praveg Limited (Transferee Company). The Appointed Date under the Scheme is April 1, 2025. Upon the Scheme becoming effective, the entire undertaking, assets, and liabilities of the Transferor Company will stand transferred to and vested in the Transferee Company.

The Share Exchange Ratio recommended by the registered valuer is 1000 equity shares of the Transferee Company (face value of Rs. 10 each) for every 6683 equity shares of the Transferor Company (face value of Rs. 10 each).

Capital Structure: Pre- and Post-Scheme

The amalgamation will alter the capital structure of Praveg Limited as follows:

Particulars	Pre-Scheme (Rs.)	Post-Scheme (Rs.)
Authorised Capital	40,00,00,000 (4,00,00,000 equity shares of Rs. 10/- each)	52,00,00,000 (5,20,00,000 equity shares of Rs. 10/- each)
Issued & Paid-up Capital	26,14,06,950 (2,61,40,695 equity shares of Rs. 10/- each)	27,93,62,960 (2,79,36,296 equity shares of Rs. 10/- each)

The capital structure of Eulogia Inn Private Limited as on March 31, 2026 comprises an authorised, issued, subscribed, and paid-up capital of Rs. 12,00,00,000 (1,20,00,000 equity shares of Rs. 10 each). The Transferor Company shall stand dissolved without being wound up upon the Scheme becoming effective.

Valuation and Financial Position

The valuation of Eulogia Inn Private Limited was based on the Net Asset Value method, arriving at INR 86.33 per equity share. The valuation of Praveg Limited was based on the Market Price Method, arriving at INR 576.95 per equity share. A Fairness Opinion confirming the exchange ratio was issued by Swaraj Shares & Securities Private Limited.

On a pre-scheme basis (as on February 28, 2025), the combined revenue of the entities is projected at Rs. 12,582.47 lakh, with total assets of Rs. 65,883.46 lakh and a net worth of Rs. 55,405.29 lakh.

Regulatory Approvals and Rationale

The amalgamation is aimed at achieving operational efficiencies and synergies, as Eulogia Inn Private Limited operates in the hotels and hospitality business, complementing Praveg Limited's existing operations. BSE Limited issued its no-objection letter on the Scheme on January 21, 2026. The Scheme does not require approval from the Competition Commission of India (CCI) as financial thresholds are not triggered. However, a notice is to be submitted to the Reserve Bank of India as the Transferee Company will issue shares to a non-resident shareholder of the Transferor Company. The Scheme remains subject to final sanction by the Hon'ble NCLT, Ahmedabad Bench.