BASF India Limited has secured regulatory approval from the National Stock Exchange of India (NSE) for its proposed scheme of arrangement involving the demerger of its Agricultural Solutions Business. The company received a no-objection letter dated February 2, 2026, from NSE, marking a significant milestone in the corporate restructuring process.

Scheme of Arrangement Details

The proposed scheme involves the demerger of BASF India Limited's Agricultural Solutions Business to BASF Agricultural Solutions India Limited (BASIL), a wholly owned subsidiary. The arrangement is being executed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

This approval follows the earlier receipt of a no-objection letter from BSE Limited on January 30, 2026, indicating broad regulatory support for the proposed restructuring.

SEBI Compliance Requirements

The NSE approval incorporates detailed comments and conditions from SEBI, outlined in their letter dated January 30, 2026. Key compliance requirements include:

Regulatory and Disclosure Obligations

• Compliance with Regulation 11 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Disclosure of all ongoing adjudication and recovery proceedings against the company, promoters, and directors before NCLT and shareholders
• Display of additional information on company and stock exchange websites
• Compliance with SEBI Master Circular dated June 20, 2023

Financial and Valuation Requirements

• Financials used in the scheme and valuation report must not be older than 6 months
• Proposed equity shares must be issued in demat form only
• No changes to the draft scheme without specific written consent from SEBI
• Incorporation of SEBI/Stock exchange observations in the NCLT petition

Shareholder Disclosure Requirements

SEBI has mandated comprehensive disclosures to public shareholders as part of the explanatory statement, including:

• Rationale for the demerger and business synergies
• Details of registered valuer and merchant banker
• Share-swap ratio methodology and rationale
• Value of assets and liabilities being transferred
• Potential benefits, risks, and integration challenges
• Financial implications for promoters and public shareholders
• Impact on company reserves with quantitative details

Listing Conditions for Resulting Company

The listing of BASF Agricultural Solutions India Limited is subject to specific conditions:

Next Steps and Timeline

The scheme remains subject to applicable regulatory and other approvals. The validity of the NSE observation letter extends for six months from February 2, 2026, within which the scheme must be submitted to the National Company Law Tribunal (NCLT). The company has committed to filing a compliance status report detailing adherence to each point of the observation letter.

BASF India Limited has made the NSE letter available on its website at www.basf.com/in , fulfilling the requirement to disclose the no-objection letter within 24 hours of receipt. The company continues to work toward completing all regulatory requirements for the successful implementation of the demerger scheme.

Realty firm ASF Group has successfully raised ₹1,250 crore from Alpha Alternatives to fund its ongoing prime office campus development in Gurugram and reduce existing debt. The company announced on Thursday that it has already received ₹450 crore from the Mumbai-headquartered investment firm, with the remaining funds expected to be disbursed within the next six months.

Project Details and Investment Structure

ASF Group's subsidiary, ASF Insignia SEZ Pvt Ltd, is developing a comprehensive 50-acre integrated commercial IT office campus at Vatsal Valley, Gurugram. The investment represents a significant commitment from Alpha Alternatives in the form of equity and quasi-equity funding.

Campus Specifications and Scale

The Vatsal Valley project represents a substantial development opportunity with significant scale potential. Kaushal Biyani from Alpha Alternatives highlighted that the company is investing in a high-quality office asset spanning approximately 4.5 million sq ft in its current phase.

Strategic Vision and Market Positioning

Anil Saraf of ASF Group emphasized that the investment from Alpha Alternatives reinforces the long-term fundamentals of the ASF Insignia campus and supports the company's strategy of building an institutionally driven office ecosystem. The focus remains on maintaining balance sheet strength, ensuring superior asset quality, and creating a campus that continues to meet the evolving needs of large enterprises and global capability centres on a cost-optimal basis.

Company Background and Track Record

Delhi-based ASF Group specializes in developing build-to-suit and state-of-the-art IT infrastructure and commercial buildings. The company provides a comprehensive range of facility management services to customers across its projects and properties. ASF Group has established a strong presence in Northern India, having already delivered over 5 million sq ft of workspaces and completed multiple projects that are fully leased to leading multinational corporations.

Investment Significance

The substantial funding from Alpha Alternatives represents a major milestone for ASF Group's expansion plans and demonstrates investor confidence in the Gurugram office market. The investment structure combines equity and quasi-equity components, providing ASF Group with the necessary capital to advance its ambitious campus development while strengthening its financial position through debt reduction.