RACE ECO CHAIN board approves demerger scheme

RACE ECO CHAIN LIMITED’s board of directors approved a scheme to demerge its Biomass Division and Restore Bag Division into two new listed companies: GEOECO GREEN ENERGY LIMITED and RACE GATEWAY LIMITED. This strategic move aims to enable each division to chart its own growth path within the fast-growing Waste Management industry.

Shareholders will receive 113 equity shares of GEOECO for every 100 equity shares held in RACE, and 27 equity shares of GATEWAY for every 25 equity shares held in RACE. The resulting companies will seek listing for both existing and new equity shares on BSE Limited and National Stock Exchange of India Limited.

Financially, the Biomass Division contributed INR 1,870.70 and the Restore Bag Division contributed INR 893.82 to the company's total turnover of INR 46,029.91 in fiscal year 2024-25. The board also noted the resignation of Anil Kumar Behl as an independent director and his re-designation as a non-executive non-independent director.