The board of Gemmia Oiltech (India) has said that it has received the latest information memorandum from Naftogaz India Pvt Ltd (NIPL). A two director-member committee has sought time to evaluate the proposal either for merger with NIPL or business transfer agreement through issue of preference shares in lieu of cash.
In an exchange filing, Gemmia Oiltech said its board would meet on September 29 to take a final decision on the issue.