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Our Bureau

Hyderabad , Jan. 31

THE board of directors of Transport Corporation of India Ltd (TCI) at its meeting has approved the scheme for the merger/amalgamation of TCI Seaways Ltd (TCISL), an unlisted group company engaged in coastal and international cargo movement, with the company.

However, the company informed the stock exchanges that the merger would be subject to requisite approvals, including shareholders, creditors and High Court of Andhra Pradesh effective April 1, 2005.

The ratio of exchange in the event of amalgamation of TCISL into the company would be two shares of the company of face value Rs 10 each for every three shares of TCISL of face value of Rs 10 each, the company said.

The board has also approved split up of the existing equity shares of the face value of Rs 10 each into five equity shares of Rs 2 each fully paid-up.

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