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Emami Infrastructure Ltd has informed the BSE that the Calcutta High Court had on Tuesday sanctioned the Scheme of Arrangement for the amalgamation of Emami Realty Ltd and Emami Rainbow Niketan Pvt Ltd, the wholly-owned subsidiaries, with the company.
The amalgamation will be regularised after filing of the certified copy of the order of the High Court with the Registrar of Companies here. Appointed date for amalgamation is April 1, 2015. After amalgamation, the assets of the company will be higher than the liabilities.
Emami Group’s listed realty flagship Emami Infrastructure Ltd has a number of real estate SPVs and subsidiaries such as Sneha Ashiana Pvt Ltd, New Age Realty Pvt Ltd, Delta PV Pvt Ltd, Roseview Developers Pvt Ltd, Prajay Urban Pvt Ltd, Bengal Emami Pvt Ltd, Bengal Eco Housing Pvt Ltd and Zandu Realty Ltd.
Emami Infrastructure Ltd reported a net loss of Rs 4.24 crore in 2015-16 against a net profit of Rs 12.27 crore in the previous year.
The Rs-2 Emami Infrastructure stock shot up 20 per cent to close at Rs 50.10 the BSE.
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