The Hindu Business Line : Visaka Ind, Shakti share exchange ratio

The board of directors of Visaka Industries Ltd at its meeting held on Saturday adopted the report of the valuer for the amalgamation of Shakti Roofings Pvt Ltd with the company. In terms of the valuation, the board has fixed the share exchange ratio as 2.29:1, wherein for every 2.29 equity shares of Shakti Roofings of Rs 10 each one equity share of Visaka Industries of Rs 10 each would be given. Since Shakti Roofings has a total paid-up capital of Rs 4.59 crore, its shareholders would be given 20,07,995 shares of Visaka Industries, subject to approval of the shareholders of both the companies at their respective general meetings to be convened by the High Court. The boards of both the companies have approved the draft scheme of amalgamation including share exchange ratio and have authorised severally the Visakha Industries Managing Director/Senior Vice-President & Company Secretary to move an application to the Andhra Pradesh High Court.

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