The Gauhati High Court on Friday approved the composite scheme of arrangement between Greenply Industries and Greenlam Industries , its wholly owned subsidiary. Following this, the decorative business (comprising laminates and allied products) of Greenply with all its assets and liabilities, will be demerged from the company and merged into Greenlam with effect from April 1, 2013 (appointed date). Shares of Greenply gained 0.11 per cent at ₹1,011 on the NSE.

IndusInd Bank has informed the exchanges that Ajay Hinduja, Director, has ceased to hold office from October 31, upon completion of the maximum permissible tenure of eight years on the board of the bank. Shares of IndusInd Bank closed at ₹719, a gain of 1.23 per cent on the NSE.

The board of directors of Ashoka Buildcon has approved the allotment of 1,500 rated, redeemable, non-convertible debentures of face value ₹10 lakh aggregating to ₹150 crore on private placement basis, on Friday. The coupon rate is 10.31 per cent per annum. The company will use the proceeds for refinancing of existing debt and funding general corporate purposes. The company proposes to get the debentures listed on the WDM segment of the BSE in the prescribed time. Shares of Ashoka Buildcon jumped 3.67 per cent at ₹140 on the BSE.

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