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 Corporate - Mergers & Acquisitions


TI to consider Diamond Chain merger with itself

Our Bureau

Chennai , July 23

TUBE Investments of India Ltd, a Murugappa group company, plans to merge its subsidiary, TI Diamond Chain, with itself. A proposal to amalgamate TI Diamond Chain with Tube Investments will be considered at a meeting of the board of directors on July 29, according to information provided by the company to the BSE.

Tube Investments holds 99.68 per cent of the equity of TI Diamond Chain. It acquired 12.83 lakh shares representing 20.93 per cent of the equity from Amsted Industries Inc, US, the foreign collaborator, earlier this year following which TI Diamond Chain became a subsidiary of Tube Investments.

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