India, Aug. 13 -- Building materials unicorn Infra.Market is exploring a reverse-listing route through Shalimar Paints, with the listed paints company considering acquiring equity shares and CCPS of Infra.Market parent Hella Infra Market Ltd through a proposed Rs.10,439.91 Cr share swap.

Under the proposal, Infra.Market's existing shareholders would transfer their equity shares and CCPS of Hella Infra Market to Shalimar Paints. In return, they would receive equity shares and CCPS of the listed paints company based on a swap ratio determined through independent valuation reports.

If the transaction goes through, Hella Infra Market may become an unlisted material subsidiary of Shalimar Paints.

The proposal could effectively bring Infra.M...