Financial Daily from THE HINDU group of publications
Friday, Sep 09, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 09, 2005 |
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Corporate
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Mergers & Acquisitions Hyderabad Ind board okays draft scheme for merger with Malabar Building Our Bureau
Hyderabad , Sept. 8 THE board of Hyderabad Industries Ltd has approved a draft Scheme of Amalgamation whereby Malabar Building Products Ltd will be amalgamated with the company. Hyderabad Industries has informed the BSE that the board of directors of the company at its meeting on Tuesday okayed the decision subject to necessary legal procedures. The amalgamation will be effective from April 1. Every equity shareholder of Malabar Building Products Ltd holding 100 equity shares of face value of Rs 10 each shall be issued 29 equity shares of the company of face value of Rs 10 each credited as fully paid-up by the company at par. The above ratio has been determined by the boards of Hyderabad Industries and Malabar Building Products Ltd based on their independent judgment and taking into consideration the valuation provided by independent valuer M/s. N M Raiji & Co. The boards also considered the fairness opinion provided by M/s Ernst and Young Private Ltd on the valuation done by M/s N.M. Raiji & Co.
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