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Grindwell Norton Ltd (GNO) has decided to amalgamate with itself three group companies — Saint-Gobain Sekurit India Ltd (SGSIL), Saint-Gobain Crystals and Detectors India Ltd (SGCD) and SEPR Refractories India Ltd (SEPR) (collectively called transferor companies) — with the appointed date being April 1.
In a stock exchange filing, GNO said that its board of directors also approved the share exchange ratio. Under this, the merger ratio would be one equity share of Rs 5 each of the company for every 17 shares of Rs 10 each of SGSIL.
In respect of the other two group companies, the swap ratio would be 100 shares of Rs 5 each of the company for every 50 shares of Rs 10 each of SGCD and for every 38 equity shares of Rs 10 each of SEPR, respectively.
The proposed merger is subject to the requisite approvals.While GNO shares are listed in NSE and BSE, Saint-Gobain Sekurit India Ltd is listed in the BSE.
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