News ArticleAstra Microwave Products Receives No-Objection Letters from BSE and NSE for Demerger Scheme
The scheme to demerge Space, Meteorology and Hydrology business to Astra Space Technologies Private Limited is pending final approvals after positive observations from stock exchanges on October 29, 2026
Astra Microwave Products Limited has received no adverse observations and no objection letters from BSE and NSE respectively for its proposed Scheme of Arrangement to demerge its Space, Meteorology and Hydrology business into Astra Space Technologies Private Limited, subject to regulatory approvals.
Astra Microwave Products Limited
Acquisition / Amalgamation / Merger / Demerger
Astra Microwave Products Limited announced receipt of no adverse observation and no objection letters from BSE and NSE on October 29, 2026, respectively, for its proposed Scheme of Arrangement to demerge its Space, Meteorology and Hydrology business into Astra Space Technologies Private Limited.
The Board of Directors of Astra Microwave Products Limited had approved the demerger scheme subject to regulatory approvals earlier this year.
The observation letters from BSE and NSE state no objections to the draft scheme under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.
SEBI outlined compliance requirements including adherence to Listing Obligations and Disclosure Requirements Regulations and disclosure obligations before the National Company Law Tribunal (NCLT) and shareholders.
The company must ensure that financials used for the valuation report are not older than six months and equity shares issued post scheme must be in demat form.
Further regulatory observations emphasize disclosure of all ongoing adjudication and enforcement actions, and that any changes to the draft scheme post-filing require prior SEBI approval unless mandated by authority.
Highlights
- No adverse observation letter received from BSE on October 29, 2026.
- No objection letter received from NSE on October 29, 2026.
- Scheme involves demerger of Space, Meteorology and Hydrology business to Astra Space Technologies Private Limited.
- Subject to applicable regulatory and other approvals including NCLT.
- SEBI mandates compliance with Listing Regulations and disclosure of any legal proceedings before seeking approval.
- Financials supporting valuation report must be recent, within six months of stock exchange no-objection letters.
Key Data Snapshot
What happened
- Astra Microwave Products Limited received observation letters with no adverse comments from BSE and no objection from NSE regarding its proposed Scheme of Arrangement to demerge the Space, Meteorology and Hydrology business.
- The Scheme proposes to transfer the specified business activities to the resulting company, Astra Space Technologies Private Limited.
- The observation letters dated October 29, 2026, enable progression of the scheme subject to further approvals.
Key details
- The Scheme is being conducted under Sections 230 to 232 of the Companies Act, 2013.
- The draft Scheme must comply with SEBI Listing Regulations including disclosure and procedural requirements.
- SEBI has mandated detailed disclosures in explanatory statements to shareholders including business rationale, impact on shareholders, cost-benefit analysis, and up-to-date financials.
- The company must disclose any ongoing legal or enforcement proceedings affecting the companies involved and their promoters and directors.
Regulatory and governance context
- SEBI emphasized that no changes to the draft scheme shall be made without SEBI's written consent post-filing except as mandated by regulators.
- The equity shares issued pursuant to the scheme must be in demat form.
- The company is obligated to present all observations from SEBI and stock exchanges to the NCLT while seeking final approvals.
- Observations require hosting additional submitted information on company and stock exchange websites from the date of letter receipt.
Next milestones
- The Scheme remains subject to receipt of applicable regulatory and other approvals including NCLT sanction.
- The company will have to comply with all regulatory conditions and disclose related information while filing the petition for final NCLT approval.
Highlights
- No adverse observation letter received from BSE on October 29, 2026.
- No objection letter received from NSE on October 29, 2026.
- Scheme involves demerger of Space, Meteorology and Hydrology business to Astra Space Technologies Private Limited.
- Subject to applicable regulatory and other approvals including NCLT.
- SEBI mandates compliance with Listing Regulations and disclosure of any legal proceedings before seeking approval.
- Financials supporting valuation report must be recent, within six months of stock exchange no-objection letters.
Disclosures
- Companies Act, 2013 - Sections 230 to 232
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI Master Circular No - SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023
- ICDR Regulations, 2018 Part E of Schedule VI
Source Information
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