Emami Infrastructure Ltd, the realty arm of the Emami Group, will merge Zandu Realty with itself.

The board of directors of the two companies met on Saturday to propose the amalgamation. Under the scheme, Zandu Realty shareholders will get seven shares of EIL of face value of ₹2 for every share of face value of ₹100 held (on the record date).

“The merger scheme is subject to approval by shareholders, market regulator SEBI and the National Company Law Tribunal, among others,” it said in a notice to the bourses.

A previous proposal for merger of Zandu Realty with Emami Realty was called off in November 2014. The company’s scrip closed at ₹155.25, up by 4.97 per cent on the BSE. Meanwhile, shares of Zandu Realty closed at ₹1424.95, up by 14.70 per cent.