Kolkata, June 15
THE board of J.J. Exporters at its meeting here on Tuesday has approved the merger of its two subsidiaries J.J. Spectrum Silk Ltd and Pooja Creations Ltd - with itself.
The merger decision was taken to give better synergy with the business of three companies, which are engaged in export of silk items.
The total share capital of Pooja Creations will be cancelled as it is a wholly-owned subsidiary of J.J. Exporters, while the exchange ratio of J.J. Spectrum will be 1:8, which means one share of J.J. Exporters for every eight shares of the former. After the merger, the total equity of J.J. Exporters will amount to about Rs 926 crore.