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Our Bureau

New Delhi , Jan. 8

Textile firm Spentex Industries Ltd said on Monday it would issue nine shares for every 10 held by shareholders in Indo Rama Textiles Ltd (IRTL).

Last year, Spentex had acquired IRTL and now holds 84.02 per cent stake in it.

A company release said the Delhi High Court has approved the merger of IRTL with Spentex.

Pursuant to the scheme of amalgamation, the entire business ofIRTL shall be merged with the company, it said.

On May 24, 2006, Spentex had announced the acquisition of 49.03 per cent equity of IRTL, taking its total stake in the company to 84.02 per cent, it said.

More Stories on : Mergers & Acquisitions | Stocks | Textiles

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