Mumbai, Sept. 7
The shareholders of Sangam (India) Ltd (SIL), a manufacturer of polyester viscose dyed yarn will meet on September 10 in Bhilwara, Rajasthan, to consider the amalgamation of Sangam Processors Bhilwara Ltd (SPBL) with the company, pursuant to the order of the High Court of Rajasthan, Jodhpur.
Post merger, Sangam's issued and paid-up equity share will increase from Rs 34.40 crore to Rs 39.42 crore. The board of directors has approved the swap ratio of one share of Sangam India for every four shares of SPBL.
"The merger of SPBL is part of our business synergy and should improve the operating margins of the fabric division. SBPL's inherent operational strengths would contribute to the profits of SIL by enabling more efficient use of resources, thereby further enhancing overall shareholder value," the company said in a press release quoting its Chairman, Mr R.P. Soni.