Markolines Pavement Technologies has received BSE and NSE observation letters for its proposed merger with Markolines Infra. The swap offers 1.15 Pavement shares per Infra share, with fractional entitlements rounded down. These are disclosed scheme terms, not confirmation of completed allotment. Subsequent NCLT sanction, a merger record date and demat credit have not been verified in the filings reviewed for this update.
Who gets shares, and how are fractions handled?
The entitlement applies to eligible Markolines Infra shareholders, not automatically to existing holders of listed Markolines Pavement shares. Under the disclosed terms, 10 Infra shares calculate to 11.50 Pavement shares but produce 11 whole shares; 20 produce 23 and 100 produce 115. These examples assume the scheme becomes effective on the same terms and the holder qualifies.
The filing expressly ignores fractional entitlements and rounds the final share count down to a whole number. This is the rule for this transaction, not a general rule for mergers. Holding Pavement shares alone does not create the proposed Infra-shareholder entitlement.
| Infra shares | Calculated shares | Whole Pavement shares |
|---|---|---|
| 1 | 1.15 | 1 |
| 10 | 11.50 | 11 |
| 20 | 23.00 | 23 |
| 100 | 115.00 | 115 |
Why are the companies merging?
Pavement specialises in highway maintenance, pavement technologies and specialised construction; Infra supplies toll operations, route patrolling and routine highway maintenance. Management proposes combining these complementary capabilities under the listed entity. Its stated rationale includes broader services and reduced duplication in procurement and administration. Those are the company’s intended benefits, not guaranteed financial outcomes or a forecast for the share price.
Which approvals are completed?
The revised scheme was approved by the board on 6 March 2026, and submission to both exchanges was confirmed on 27 March. The latter filing also corrected the fairness-opinion provider to Sobhagya Capital Options Private Limited.
Receipt of both exchange observation letters was disclosed on 18 August. They allow the scheme to proceed before the NCLT subject to conditions; they are not final tribunal sanction. The NSE letter’s six-month filing window is not a promised merger-completion date.
Has the merger record date been announced?
No merger record date is verified in the official documents reviewed for this page as of 19 October 2026. A subsequent company notice must establish that date; neither the board-approval date nor an annual-report upload should be used in its place.
When will the new shares reach demat accounts?
A demat-credit date is not verified here. NCLT sanction and scheme implementation, eligibility, allotment, credit and trading permission are distinct milestones. An announcement about one must not be treated as proof that all the others are complete.
The next useful update is a filing establishing further NCLT progress or sanction, followed by the applicable implementation and shareholder notices. The tracker keeps these later steps visible without assigning speculative dates or presenting completed checkpoints as a percentage of the merger.
6 March 2026: revised scheme and share-swap terms
27 March 2026: exchange-submission confirmation
18 August 2026: receipt of BSE and NSE observation letters
Correction, 19 October 2026: An earlier version incorrectly described exchange observations as awaited and the swap ratio as undisclosed. The submission timeline and explanation of shareholder entitlement have also been corrected.
