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Sunday, Sep 22, 2002

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Gujarat Propack merger with Cosmo complete

Our Bureau

NEW DELHI, Sept. 21

BOPP film manufacturer Cosmo Films Ltd (CFL) has announced the implementation of the merger of Gujarat Propack Ltd (GPL) with the company in terms of the scheme of amalgamation approved by the High Courts of Delhi and Gujarat, respectively.

Accordingly, GPL is dissolved without the process of winding up. All the properties, rights and liabilities of the company have now been transferred to CFL and have therefore become the properties, rights and liabilities of Cosmo Films.

The board of directors of CFL on Friday took on record the merger of GPL with the company. The appointment date for the scheme of amalgamation is April 1, 2002. Gujarat Propack had reported sales of Rs 130.70 crore and profit-after-tax of Rs 0.15 crore in the financial year 2001.

Cosmo Films has issued 2,42,051 shares in lieu of 4,84,101 shares of Gujarat Propack in terms of the scheme of amalgamation in the ratio of one equity share of CFL for every two equity shares of GPL. The balance 73,09,979 shares held by CFL have been cancelled. The board of directors of the company has fixed October 25 as record date for allotment of shares.

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