Sequent Scientific Limited, now operating as Viyash Scientific Limited, has successfully completed the distribution of proceeds from fractional shares to eligible shareholders following its composite amalgamation scheme. The company submitted comprehensive reports from its Audit Committee and Independent Directors to BSE and NSE on March 10, 2026, certifying compliance with regulatory requirements.

Amalgamation Scheme Implementation

The composite scheme of amalgamation involving Viyash Scientific Limited and multiple entities including Symed Labs Limited, Vandana Life Sciences Private Limited, and several other companies received approval from the National Company Law Tribunal (NCLT), Hyderabad bench on November 18, 2025. The scheme became effective from December 16, 2025, with the record date set as December 8, 2025.

Under the approved share exchange ratio, eligible equity shareholders of the amalgamating company received 56 fully paid-up equity shares of INR 2 each in Viyash Scientific for every 100 fully paid-up equity shares of INR 10 each held in the amalgamating company. The company allotted a total of 18,19,21,827 fully paid-up equity shares to eligible shareholders, including 13 shares allocated for fractional entitlements.

Fractional Share Distribution Details

PNB Investment Services Limited was appointed as trustee to hold the fractional shares in trust on behalf of eligible fractional shareholders. The fractional shares were sold in the open market on February 27, 2026, within the mandatory 90-day period from the date of allotment.

Regulatory Compliance and Certification

The distribution process was conducted in strict compliance with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023, and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Both the Audit Committee and Independent Directors reviewed comprehensive documentation including board resolutions, NCLT orders, valuation reports, and certificates from practicing chartered accountants.

The Audit Committee, chaired by Mr. Milind Sarwate and comprising Dr. Kamal Sharma, Ms. Revati Kasture, and Mr. Anuj Poddar, certified that the fractional shares were sold within the stipulated timeframe and proceeds were distributed proportionally to eligible shareholders. The Independent Directors, including Dr. Kamal Sharma, Mr. Milind Sarwate, and Ms. Revati Kasture, provided similar certification confirming compliance with the scheme provisions.

Distribution Timeline and Process

The net sale proceeds were successfully credited to the respective bank accounts of all 25 eligible shareholders on March 6, 2026, and March 9, 2026. The distribution was completed in proportion to each shareholder's fractional entitlement, ensuring fair and equitable treatment of all stakeholders involved in the amalgamation process.

The completion of this distribution marks a significant milestone in the amalgamation process, demonstrating the company's commitment to regulatory compliance and shareholder protection. All newly allotted equity shares rank pari-passu with existing fully paid-up equity shares of the company, providing equal rights and benefits to all shareholders.

Viyash Scientific Limited has completed the allotment of 1,20,000 equity shares to eligible employees under its Employee Stock Option Plan 2020, marking another milestone in the company's employee incentive program.

ESOP Allotment Details

The Nomination and Remuneration Committee of Viyash Scientific approved the allotment through a circular resolution passed on February 26, 2026. The key parameters of this allotment are outlined below:

Impact on Share Capital Structure

The allotment has resulted in a significant change to the company's equity share capital structure. The newly allotted shares will rank pari passu in all respects with the existing equity shares of the company.

Employee Stock Option Plan Framework

The allotment was executed under the SeQuent ESOP 2020, which serves as the company's primary employee incentive mechanism. The exercise price of Rs. 86 per share represents the price at which eligible employees could convert their stock options into equity shares.

Corporate Communication

The company has formally communicated this development to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with regulatory requirements. Yoshita Vora, Company Secretary & Compliance Officer, signed the official communication on behalf of Viyash Scientific Limited.

The allotment reflects the company's commitment to employee participation in its growth story through equity-based compensation programs.