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Bangalore, Jan. 25 Titan Industries Ltd has informed the BSE that the board of directors of the company, at a meeting held on Thursday, has approved the proposal to merge three associate domestic companies — Samrat Holdings Ltd, Titan Holdings Ltd and Questar Investments Ltd — with the company, subject to shareholders' and creditors' consent.

The merger will result in an issue of about 1.6 lakh equity shares to the minority shareholders of the merging companies; the extinction of investments of about Rs 23 crore; and receipt of cash or cash equivalent assets of over Rs 45 crore from the transferor companies. This would result in issue of additional equity share capital not exceeding 0.50 per cent of the current issued and paid-up equity share capital of Titan Industries, the communication to the stock exchange said.

The board has fixed the appointed date for the merger as April 1, 2007.

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