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The National Stock Exchange (NSE) has approved the merger of Wadala Commodities with Godrej Industries.
The boards of both the companies had separately approved the merger scheme in February.
Godrej Industries is in the business of chemicals, surfactants, finance & investment and estate management, while Wadala Commodities is engaged in bulk trading of vegetable oils.
‘No-objection approval’ has been granted to the proposal, NSE had said in a letter dated April 2 to Godrej Industries.
The merger is yet to get an approval from the Bombay Stock Exchange.
The NSE approval is valid for six months, during which the company will apply to the High Court for further clearance of the proposal.
“...we do hereby convey our ‘no-objection’ with limited reference to those matters having a bearing on listing /delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court,” the exchange said.
Companies seeking to implement merger or de-merger strategies are required to obtain a no-objection certificate from the stock exchanges.
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