The board of Directors of Kamdhenu Limited (BSE:532741) announced a scheme of arrangement to spin off paint division on November 13, 2018. The Paint Division of Kamdhenu Limited will be hived off into a separate company through a Scheme of Arrangement on mirror shareholding basis (i.e., the percentage shareholding of each of the shareholders of the Demerged Company would remain the same in the Resulting Company). Kamdhenu Group plans to list its paints entity on bourses following the completion of the demerger process. For the year ending March 31, 2018, paint division had revenue of INR 2 billion and loss after tax of INR 36.6 million. The deal is subject to the approval by shareholders of Kamdhenu Limited after complying with all regulatory compliances and statutory approvals including approval of National Company Law Tribunal. As of March 15, 2021, an application has been filed with NCLT for approval. Post approval of the scheme of arrangement by the equity shareholders, secured creditors and unsecured creditors of the Company in their respective meetings held on September 25, 2021 under the supervision of NCLT, Chandigarh bench, the Company has filed 2 nd Motion petition physically with NCLT for its approval on October 5, 2021. The board of Directors of Kamdhenu Limited recommended the scheme. The paint division of the company will be demerged and transferred to Kamdhenu Colour and Coatings Ltd. Kamdhenu Group plans to make an investment of INR 2 billion for expanding its paints business. As of April 15, 2022, Board of Directors of Kamdhenu Limited has approved the actions against the observations raised by the Regional Director. Listing process is likely to be completed within fiscal 2021. The demerger is expected to be completed by November-December 2021.

Kamdhenu Limited (BSE:532741) completed the spin off paint division on June 20, 2022. Paint Division of Kamdhenu Limited has been named as Kamdhenu Ventures Limited. Post demerger, Kamdhenu Ltd will continue to focus on steel business. Paint Division of Kamdhenu will be listed in the July - September quarter. NCLT, Chandigarh has approved the Scheme of Arrangements including demerger of paint business. As of September 2, 2022, the record date is set to September 7, 2022. Kamdhenu Ventures Limited will be listed on BSE Limited.