India Technology Sector Merger & Acquisition Filings — March 29, 2026

29-03-2026

EPL Limited announces the Scheme of Amalgamation with Indovida India Private Limited, creating a merged entity with INR 83,767 million revenue (CY25 proforma), 20.9% EBITDA margin, and net debt/EBITDA of 0.25x, doubling scale from EPL's standalone INR 45,680 million. The merger is EBIT margin accretive (120+ bps to 13.6%) and ROCE accretive (220+ bps to 20.9%), with identified synergies of $35-50 million, though EPL's valuation at INR 339 per share reflects a 70% premium to the March 27, 2026 closing price. Approximately 75% of merged revenue from emerging markets supports growth potential amid stable profitability metrics.

• ·Post-merger shareholding: Indorama Ventures 51.8%, Blackstone 16.6%, Public 31.6%
• ·EPL global footprint: 211 manufacturing sites across 111 countries
• ·Indovida 100% owned by Indorama Ventures Netherlands B V
• ·Merged entity market positions leading in laminated tubes (EPL) and rigid PET (Indovida) across key emerging markets including Philippines, Vietnam, Nigeria, Egypt, Myanmar, Thailand, Tanzania, Ghana
• ·Sustainability: EPL 90% recyclable tubes capacity, 21% renewable energy; Indovida 100% recyclable PET resin capacity, 150kMT rPET consumption goal by 2035

29-03-2026

EPL Limited's Board approved the scheme of amalgamation merging Indovida India Private Limited into the Company, supported by a joint valuation and fairness opinion, aiming for synergies in packaging products, geographical diversification, and operational efficiencies with combined turnover of ₹8,377 Cr (Jan-Dec 2025). Post-merger, promoter/promoter group shareholding surges to 68.37% from 25.97% on a fully diluted basis, significantly diluting public holding to 31.63% from 74.03%. The merger, along with MIA, SHA, and TSA executions, remains subject to approvals from NCLT, CCI, SEBI, stock exchanges, and shareholders/creditors.

• ·Share exchange ratio: 286 fully paid-up equity shares of EPL (FV ₹2 each) for every 10,000 fully paid-up equity shares of Indovida India (FV ₹10 each).
• ·IVL to nominate at least 3 directors; Epsilon to nominate 1 director on EPL Board post-merger.
• ·Company requires prior approval from Epsilon and IVL for certain reserved matters post-SHA.
• ·Approvals required: Stock Exchanges, SEBI, NCLT, CCI, shareholders and creditors.
• ·Board meeting: Mar 29, 2026, 5:00-5:25 PM IST.
• ·Valuation reports and fairness opinion dated Mar 28, 2026.

29-03-2026

EPL Limited's Board approved the scheme of amalgamation merging Indovida India Private Limited into the Company on a going concern basis, with a share exchange ratio of 286 EPL equity shares (FV ₹2) for every 10,000 Indovida shares (FV ₹10), subject to approvals from NCLT, SEBI, CCI, stock exchanges, and shareholders/creditors. The merger is expected to deliver synergies including wider product range, cost savings, geographical diversification, and enhanced efficiencies in the packaging sector. Post-merger, promoter/promoter group shareholding will increase from 25.97% to 68.37% on a fully diluted basis.

• ·IVL holds 99.99% of Indovida India and 24.44% in EPL; Epsilon holds 25.97% in EPL.
• ·Merger at arm's length basis per independent valuers' report (Mar 28, 2026) and SEBI-registered merchant banker's fairness opinion.
• ·Post-merger board rights: Epsilon nominates 1 director, IVL nominates at least 3; certain reserved matters require prior approval of both.
• ·Approvals required: Stock Exchanges, SEBI, NCLT, CCI, requisite shareholders/creditors.
• ·Board meeting: Mar 29, 2026, 5:00 P.M. to 5:25 P.M. IST.

29-03-2026

EPL Limited's Board of Directors approved the Scheme of Amalgamation of Indovida India Private Limited (Transferor Company) with EPL Limited (Transferee Company) on March 29, 2026. The company has scheduled an investors' and analysts' conference call on March 30, 2026, at 11:00 AM IST to discuss the scheme, with participation from MD & Global CEO Hemant Bakshi, COO M.R. Ramasamy, CFO Deepak Goyal, and Head Legal Onkar Ghangurde. No financial details or performance metrics were disclosed in this intimation.

• ·ISIN: INE255A01020
• ·Scrip Code: 500135
• ·Trading Symbol: EPL
• ·Conference call dial-in: Primary +91 22 6280 1297, Secondary +91 22 7115 8198
• ·Toll-free numbers: USA 1 866 746 2133, UK 0 808 101 1573, Singapore 800 101 2045, Hong Kong 800 964 448
• ·Diamond Pass: https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=4568962&linkSecurityString=2527b7a15e