New Delhi, June 29 -- Small-cap stock VMS TMT edged higher after the company announced that its Board of Directors has approved a Scheme of Amalgamation for the merger of Aditya Ultra Steel Limited (AUSL) with VMS TMT Limited, subject to the receipt of requisite statutory and regulatory approvals, according to the company's exchange filing.

The company said the proposed amalgamation marks a transformational step in VMS TMT's growth strategy and aims to create a larger, more integrated steel manufacturing company with enhanced production capabilities, broader market presence, improved operational efficiency, and stronger financials.

Under the approved scheme, shareholders of Aditya Ultra Steel will receive 75 equity shares of VMS TMT for...