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The board of directors of Waterbase has approved a scheme of amalgamation of Pinnae Feeds Ltd with itself. Upon the completion of merger, the shrimp feed manufacturing capacity will triple to 1.10 lakh mtpa from 35,000 mtpa. The scheme is subject to the approval of shareholders and creditors of the company and other statutory authorities. The company expects the deal to close by the first quarter of fiscal 2017. Shares of Waterbase jumped 7 per cent to ₹99.70, on the BSE.
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