The Hindu Business Line : Morarjee Realties clears mergers

MUMBAI: Morarjee Realties Ltd has informed the BSE that its board, at a meeting today, has considered and approved a Composite Scheme of Arrangement and Amalgamation between Piramal Holdings Ltd (PHL) and Piramyd Retail and Merchandising Pvt Ltd (PRMPL) and the company and their respective shareholders.

PRMPL is a subsidiary of Piramal Holdings Ltd. Under the scheme, PHL will be amalgamated into the company.

The share exchange ratio for the amalgamation will be two equity shares of Rs 10 each of the company for every equity share of Rs 10 each of PHL held by its shareholders.

The appointed date for the amalgamation is April 1, 2005.

PRMPL's leasing business would also be demerged into the company.

In consideration, 1,000 preference shares of the face value of Rs 10 would be issued to the shareholders of PRMPL, other than PHL, in proportion to their holdings in PRMPL.

The company's name would be changed to Peninsula Land Ltd. The scheme is subject to requisite consent and approvals.

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