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Friday, Jul 30, 2004

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TI board okays TIDC merger

Our Bureau

Chennai , July 29

TUBE Investments of India Ltd has informed the stock exchanges that its board has approved the amalgamation of its subsidiary, TIDC India Ltd, with itself.

To take effect from April 1, the merger envisages a share swap of four equity shares of Rs 10 each in Tube Investments (post-bonus) for five equity shares of Rs 10 each in TIDC.

Upon amalgamation, subject to statutory approvals, the scheme provides for the adjustment of Rs 5.68 crore of deferred revenue expenditure of TIDC and Rs 21.43 crore of that of Tube Investments against the securities premium account of Tube Investments.

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