Hubtown Limited , a prominent real estate developer, has received fresh board approval for its composite scheme of arrangement involving multi-step amalgamations. The board meeting held on December 30, 2025, reconsidered and approved the merger scheme after stock exchanges returned the initial application.

Exchange Application Return

The stock exchanges (BSE and NSE) returned Hubtown's initial application filed under Regulation 37 of SEBI LODR Regulations on December 24, 2025. The exchanges advised the company to submit a fresh application with updated valuation reports based on the latest audited financials, in accordance with their Standard Operating Procedure.

Fresh Board Approval

Following recommendations from the Committee of Independent Directors and Audit Committee, the board has accorded fresh approval to the scheme under Sections 230-232 and Section 66 of the Companies Act, 2013. The scheme involves:

Financial Overview

The latest financial details of the entities involved in the merger show significant scale differences:

Share Exchange Ratios

The scheme proposes specific share exchange ratios based on valuation by CA Shashank Maloo (Registered Valuer) and fairness opinion from 3Dimension Capital Services:

Shareholding Impact

The merger will significantly alter Hubtown's shareholding structure, with promoter shareholding expected to increase substantially:

Regulatory Approvals Required

The scheme remains subject to various statutory and regulatory approvals including stock exchanges, shareholders and creditors approval, NCLT approval, and other contractual and regulatory permissions as required under applicable laws. The company will now file a fresh application with updated valuation reports to comply with exchange requirements.

The board meeting commenced at 6:00 PM IST and concluded at 7:30 PM IST on December 30, 2025, with Company Secretary Shivil Kapoor signing the disclosure documents.

Hubtown Limited has received trading approval from both the National Stock Exchange of India Limited (NSE) and BSE Limited for its preferential issue of equity shares pursuant to conversion of warrants. The company informed the stock exchanges about this development through a regulatory filing dated December 10, 2025.

Trading Approval Details

Both stock exchanges granted trading approval for 21,31,936 equity shares of ₹10 each allotted to promoters on a preferential basis. The approval was communicated through letters dated December 10, 2025, with NSE reference number NSE/LIST/52284 and BSE reference number LOD/PREF/SV/205/2025-2026.

Share Conversion Process

The equity shares were issued pursuant to the conversion of warrants on a preferential basis. These shares carry a premium of ₹210 per share, making the total issue price ₹220 per equity share. The distinctive numbers for these shares range from 139968722 to 142100657.

Exchange Listing Confirmation

NSE confirmed that the equity shares are listed and admitted to dealings on the exchange from December 11, 2025 under the symbol HUBTOWN in the EQ series. BSE also confirmed the listing of the securities effective from December 11, 2025, with a notice issued to trading members on December 10, 2025.

Lock-in Requirements

The shares issued to promoters are subject to a lock-in period until July 31, 2027, as specified in the NSE approval letter. This lock-in provision ensures compliance with regulatory requirements for preferential issues to promoters.

Regulatory Compliance

The company has fulfilled all regulatory requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. NSE has advised the company to use NEAPS (NSE Electronic Application Processing System) for all future critical and price-sensitive information submissions.

The trading approval represents the completion of the regulatory process for the preferential issue, enabling these equity shares to be traded on both major Indian stock exchanges from December 11, 2025.