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Our Bureau

Mumbai, Sept. 11

At a meeting held on September 10, the shareholders and creditors of Sangam (India) Ltd have approved a scheme of amalgamation with Sangam Processors Bhilwara Ltd (SPBL), in Bhilwara, Rajasthan.

The board of directors of Sangam has approved the swap ratio of 1:4 - one share of Sangam (India) for every four shares of SPBL held. Post-merger, Sangam's issued and paid-up equity share would increase from Rs 34.40 crore to Rs 39.42 crore.

"The amalgamation helps both the companies in the free trade regime for textiles. We believe that making the manufacturing, technical, financial and managerial expertise available to each other would lead to synergistic benefits, cost reduction and efficiency," said Mr S.N. Modani, Managing Director, Sangam (India), said in a press release.

More Stories on : Mergers & Acquisitions | Textiles

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