The Board of Talwalkars Better Value Fitness Limited (BSE:533200) announced the spin-off of Gym business on November 24, 2016. The Entitlement Ratio has been fixed as 1 Equity Share of Talwalkars Lifestyles Limited for every 1 Equity Share of Talwalkars Better Value Fitness Limited. Gym business will be demerged in Talwalkars Lifestyles Limited. Talwalkars Better Value Fitness Limited will continue to hold Gym business operated by Talwalkars Better Value Fitness Limited or through its subsidiaries and franchisees. The Gym Company will be into core gymming and will not venture into the wellness segment. Gym business reported turnover of INR 1.97 billion. The Board of Talwalkars Better Value Fitness Limited has unanimously approved the scheme of arrangement. After the effectiveness of the Scheme, the securities of Talwalkars Lifestyles Limited will be listed on National Stock Exchange of India Limited and BSE Limited. The deal is subject to approval from High Court and other regulatory approvals. On April 27, 2017, the shareholders of Talwalkars Better Value Fitness Limited have approved the deal. As on December 21, 2017, the National Company Law Tribunal sanctioned the deal. SSPA & Co. provided advice on Share Entitlement Ratio. Inga Capital Private Limited provided fairness opinion advice on the report on recommended Share Entitlement Ratio.

Talwalkars Better Value Fitness Limited (BSE:533200) completed the spin-off of Gym business on February 22, 2018. As on March 16, 2018, the Board of Talwalkars Better Value Fitness Limited have decided the record date for determining the shareholders of Talwalkars Better Value Fitness Limited who are entitled for allotment of the equity shares of Talwalkars Lifestyles Limited to be March 28, 2018.