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Hyderabad April 3 Regency Ceramics Ltd (RCL), the Hyderabad-based tiles major with manufacturing facilities in Yanam, has decided to bring Regma Ceramics Ltd into its fold with effect from April 1.

The board of directors of the company at its meeting on March 31 has approved the scheme of amalgamation based on recommendations of the committee of independent non-promoter directors, constituted for the purpose of this merger/amalgamation.

Further, the board authorised Dr G.N. Naidu, Chairman and Managing Director of the company, to take necessary steps for consummation of the scheme of amalgamation as per law.

Regma Ceramics Ltd is a wall/floor tiles manufacturer with an installed capacity of 1,00,000 tonnes per annum. It has manufacturing facility at Karaikal, Pondicherry and provides employment to over 650 people.

Regma is involved in manufacturing of value-added larger dimension tiles, bringing in synergy to the company on various fronts like larger spread of materials, market, fiscal prudence, cost optimisations and inorganic strategic growth.

The company is making necessary arrangement to seek the approval from stock exchanges in this regard, RCL has informed the BSE in its notice.

More Stories on : Mergers & Acquisitions | Ceramics

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