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The board of NOCIL inter alia, considered and approved, the amalgamation of Suremi Trading Private Ltd and Sushripada Investments Private Ltd with the company.
As on date, Suremi holds 2.077 crore shares, representing about 12.54 per cent, and Sushripada holds 89.608 shares, representing about 5.41 per cent, of the total paid up capital of NOCIL, aggregating to 17.95 per cent of the total paid-up capital of NOCIL. In consideration for the amalgamation, Sumeri shareholders would be allotted 2.077 crore compulsorily convertible preference shares and Sushripada 89.608 crore CCPS.
In case Suremi and Sushripada acquire additional equity shares of NOCIL before the Appointed Date without incurring any additional liability, such additional shares of NOCIL should also be issued and allotted to the shareholders of Suremi and Sushripada in proportion to their holdings in Suremi and Sushripada respectively, it further said. Shares of NOCIL slumped 6.2 per cent at ₹109.90 on the BSE.
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