‘No-objection approval' has been granted to the proposal, NSE had said in a letter dated April 2 to Godrej Industries. The merger is yet to get an approval from the Bombay Stock Exchange. The NSE approval is valid for six months, during which the company will apply to the High Court for further clearance of the proposal.

"...we do hereby convey our ‘no-objection' with limited reference to those matters having a bearing on listing /delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the exchange said.

Companies seeking to implement merger or de-merger strategies are required to obtain a no-objection certificate from the stock exchanges.

PTI