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Submitting the outcome of its Board meeting, Penumatic Holdings (PHL) has informed the BSE of the decisions taken with respect to Kirloskar Pneumatic Co (KPCL), a listed material subsidiary of PHL. The Board meeting held on October 20, unanomously approved a Scheme of Arrangement and Amalgamation between Kirloskar RoadRailer (KRL or the Transferor company) and Pneumatic Holdings (PHL or the Transferor company) and Kirloskar Pneumatic Co (KPCL, or the Transferee company) their respective shareholders providing for the amalgamation of KRL and PHL with KPCL. The proposed transaction would not fall within the definition of related-party transactions. KPCL is engaged in the business of manufacturing and selling air, gas and refrigeration compressors; hydraulic and mechanical transmission including gears and gear box and RoadRalier equipment. Currently, 54.45 per cent shares of KPCL are held by PHL. KPCL will not issue/allot any equity shares to the shareholders of KRL, since KRL is a wholly-owned subsidiary of KPCL. However, for the amalgamation of PHL with KPCL, 53 shares of KPCL of ₹10 each fully paid-up are proposed to be given to holders of 40 shares of PHL of ₹10 each fully paid-up.
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