The Hindu Business Line : Banswara Textile to merge

MUMBAI: Banswara Syntex Ltd has informed the Bombay Stock Exchange that pursuant to the order of the High Court of Rajasthan, Jodhpur, equity shareholders and secured creditors of the company, at the meeting held on March 28, and that of unsecured creditors, at the meeting held on March 29, have approved the scheme of amalgamation of Banswara Textile Mills Ltd with the company.

The company also said that its members at the extraordinary general meeting held on March 28 passed a resolution to increase the board's borrowing power to Rs 300 crore from Rs 100 crore.

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