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INDIA CEMENTS LTD. - Outcome of Board Meeting - Scheme of Amalgamation
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26 Feb 2014
India Cements Ltd has informed BSE that based on the recommendation of Audit Committee of the Board of Directors at the meeting on February 26, 2014, the Board of Directors of the Company at the meeting held on February 26, 2014 approved a scheme of amalgamation of Trinetra Cement Limited, a listed company and Trishul Concrete Products Limited, an unlisted company, both the companies being the subsidiaries, with the Company under Sections 391 to 394 of the Companies Act, 1956, to take effect from January 01, 2014 (Appointed date), subject to concurrence / consent / sanction of appropriate authorities.&lt;br/&gt;&lt;br/&gt;As per the aforesaid scheme,&lt;br/&gt;&lt;br/&gt;- 2 (Two) equity shares of Rs. 10/- in The India Cements Limited will be issued to the shareholders of Trinetra Cement Limited (TCL) for every 9 (Nine) equity shares of Rs. 10/- each held by them in TCL. This would involve a fresh issue of 3.86 lakh equity shares (rounded off) of Rs. 10/- each of India Cements; and&lt;br/&gt;&lt;br/&gt;- 7 (Seven) equity share of Rs. 10/- in The India Cements Limited will be issued to the shareholders of Trishul Concrete Products Limited (TCPL) for every 3 (Three) equity shares of Rs. 10/- each held by them in TCPL. This would involve a fresh issue of 5.89 lakh equity shares (rounded off of Rs. 10/- each of India Cements.&lt;br/&gt;&lt;br/&gt;Consequent to the above and on concurrence / consent / sanction of the Scheme by the appropriate authorities, the Subscribed and Paid-up Equity Share Capital of The India Cements Limited will increase from Rs. 307.18 crores to Rs. 308.15 crores on the assumption that there will be no change in the scheme as finally sanctioned.
View all announcements for INDIA CEMENTS LTD. Source: BSE India