Forbes & Company Limited (BSE:502865) (FCL) entered into a scheme of arrangement to spin-off Forbes Precision Tools and Machine Parts Limited (FPTL) on September 26, 2022. As a part of spin-off, four fully paid up equity shares of INR 10/- each of FPTL shall be issued and allotted to the equity shareholders of FCL for one fully paid up equity shares of INR 10/- each held by them in FCL as on the Record Date. There is no cash consideration involved in the scheme.

The new shares of FPTL to be issued and allotted to the shareholders of FCL as consideration under the scheme, would be applied for listing on BSE Limited. FPTL reported a turnover of INR 1.8 billion for the financial year ended March 31, 2022. The Scheme is subject to necessary approvals by the Stock Exchanges, Securities and Exchange Board of India, Shareholders and Creditors of FCL, as may be applicable, Jurisdictional Bench of National Company Law Tribunal ("NCLT") and such other statutory and regulatory approvals as may be required.

Board of Directors of FCL approved the Scheme of Arrangement. The Scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the Audit Committee of FCL.