Business Daily from THE HINDU group of publications
Thursday, Aug 28, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Aug 28, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Mergers & Acquisitions SMS Pharma shareholders okay merger Hyderabad, Aug 27 The shareholders of SMS Pharmaceuticals Ltd have approved the scheme of amalgamation of Plant Organics Ltd with SMS at the extra ordinary general meeting (EGM) held on Tuesday. The company would allot to the shareholders of Plant Organics in the proportion of 1:50 (one equity share of Rs 10 of the company for every 50 equity shares of Rs 10 each of Plant Organics) to the persons who are members of Plant Organics Ltd, the company informed BSE on Wednesday. Plant Organics, a Hyderabad-based unlisted company, had turned sick 10 years ago and is currently with the Board for Industrial and Financial Reconstruction (BIFR). “The proposed amalgamation will benefit SMS as the facility of Plant Organics is in close proximity to our plant in Hyderabad. The valuation and amalgamation scheme is yet to be approved by BIFR,” an official of SMS Pharmaceuticals told Business Line. —Our Bureau More Stories on : Mergers & Acquisitions | Pharmaceuticals
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