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Domestic FMCG firm Jyothy Laboratories Ltd. (JLL) today said that its board has approved the merger of Henkel India Ltd. (HIL) with itself. The merger is likely to be completed in 6-8months
As per the scheme of arrangement, shareholders of HIL will get 1 share of JLL for every 8 shares of HIL, subject to adjustment for impending issue of Bonus Shares in the ratio of 1:1 by JLL. The shares held by JLL in HIL will be extinguished post merger.
After the merger, equity of JLL will increase by 2.87 per cent.
Commenting on the event, Mr M P Ramachandran – Chairman & Managing Director, Jyothy Laboratories Ltd said, “We have been integrating operation of both JLL and HIL to derive synergies in cost, marketing and distribution. Merger is one more step towards reaping the benefits of our efforts.”
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