India Radiators Ltd

India Radiators Limited (formerly known as Rayale Corporation (Mysore) Limited) was incorporated on 5 January, 1949. Initially, the Company was engaged into the business of sub assembly of automotive components. But since, there are no operations taking place in Chennai, the Company is engaged in Renting of Properties. The Company made profits upto the year 1997, thereafter from 1998, it incurred heavy losses. The net worth of the Company became negative in September 1999. It was declared Sick by BIFR as per section 3(1) (o) of the Sick Companies (Special Provisions) Act, 1985 during July 2000. The Draft Rehabilitation Scheme (DRS) filed by the Company under Sick Industrial Companies Act of 1985 (SICA) was under consideration of Board for Industrial and Financial Reconstruction (BIFR) till the Act was repealed in 2016. Mercantile Ventures Limited became the holding company with effect from 06 September, 2019. Business operations at Puducherry was discontinued with effect from March 31, 2023. In 2023-24, pursuant to Open Offer process, Mercantile Ventures Limited (MVL) acquired 38.41% equity share capital and voting rights in the Company on 8th July 2024, from the existing promoters of the Company, through Share Purchase Agreement and became the Promoter of the Company. The Board of Directors at their meeting held on 8th April 2025, had approved the Scheme of Amalgamation of the Company with and into Mercantile Ventures Limited and their respective shareholders and creditors and subsequently the Company had filed an application to BSE Limited along with the draft scheme within the statutory timeliness pursuant to Regulation 37 of the SEBI LODR Regulation 2015.