Financial Daily from THE HINDU group of publications
Friday, May 13, 2005
Financial Daily from THE HINDU group of publications Friday, May 13, 2005 |
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Corporate
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Mergers & Acquisitions Nagarjuna Palma, NFCL merged Our Bureau
HYDERABAD: The Andhra Pradesh High Court has approved the scheme of amalgamation of Nagarjuna Palma India Ltd (NPIL) into Nagarjuna Fertilizers & Chemicals Ltd (NFCL), according to the latter's communiqué to stock exchanges. The company said pursuant to clause 8 and the specific clause 8.1 of the scheme, the equity shareholders of NPIL are entitled to four equity shares of NFCL for every five shares held by them in NPIL. Consequently, NFCL would have to issue and allot 1,11,61,228 equity shares of Rs 10 each to the existing shareholders of NPIL. The NFCL Shares and Debentures Committee has approved the issue and allotment of 1,11,61,228 equity shares to the existing shareholders of NPIL, the company said. The newly allotted 1,11,61,225 equity shares of Rs 10 each would rank pari passu (on equal footing) with the existing equity shares, except that dividend, if any, paid during the year would be paid in respect of the new shares on a pro-rata basis, the company said.
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