Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Delta Magnets Ltd approves merger of Arrow Textiles Ltd and MMG

Posted On: 2018-09-20 08:01:38

The meeting of Board of Directors of Delta Magnets Limited ('DML' / 'Company') was held today, 19th September, 2018, and the Board considered and approved amalgamation of ATL and MMG with itself by way of a merger.

The proposed consolidation would be carried out vide a Scheme of Amalgamation of Arrow Textiles Limited ('ATL' or 'First Transferor Company') and MMG India Private Limited ('MMG' or 'Second Transferor Company') with Delta Magnets Limited ('DML' or 'Transferee Company' or 'Company') and their respective Shareholders ('the Scheme') under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013.

In consideration for merger of ATL and MMG with DML in terms of the Scheme and based on Share Swap Ratio Report issued by M/s Bharat Kotak & Co., Independent Chartered Accountants and fairness opinion provided by Dalmia Securities Private Limited, a Category I Merchant Banker, DML will issue 23 (Twenty Three) fully paid up equity shares of Rs. 10/- each to the equity shareholders of ATL as on the Record Date (as may be determined in terms of the Scheme) for every 100 (Hundred) equity shares of Rs. 10/-, fully paid up each of A TL. Please note that fractional shares arising out of the above entitlement would be consolidated and dealt with as provided in the Scheme and proceeds would be distributed to all such shareholders who were originally entitled to such fractional shares. Also, the entire issued, subscribed and paid up share capital of MMG is held by DML along with its nominees. Upon the Scheme becoming effective, the entire equity share capital of MMG shall stand automatically cancelled and there will not be any issue and allotment of equity shares in DML.

The equity shares of DML to be issued to the shareholders of ATL pursuant to the Scheme shall be listed on the stock exchanges viz, BSE and NSE (subject to listing permission being granted by the stock exchanges). The Scheme would be subject to approval of the National Company Law Tribunal, Stock Exchanges, SEBI and various statutory approvals, including those from the shareholders and the lenders / creditors of the companies involved in the Scheme.

The Board also authorises the Investment, Borrowing and General Purpose Committee of Directors to take necessary actions for completing the requirement in this regard and to do all acts and deeds as may be necessary.

Arrow Textiles Limited ('ATL' or 'First Transferor Company') is engaged in business of manufacture of woven tape, woven & printed labels. The Registered Office of ATL is situated in the state of Maharashtra.

MMG India Private Limited ('MMG' or 'Second Transferor Company') is engaged in business of manufacture of soft ferrites and coil winding. The Registered office of MMG is situated in the state of Maharashtra.

Delta Magnets Limited ('DML' / 'Transferee Company') is engaged in business of manufacture of hard ferrites magnets. The Registered office of DML is situated in the state of Maharashtra.

The rationale for merger is:

- Provide an opportunity to leverage combined assets and enable optimum utilization of existing resources by pooling of resources to facilitate future expansion of business of Transferee Company;

- Reduce managerial overlaps involved in operating multiple entities and increase operational and management efficiency, integrate business functions and eliminate duplication and rationalization of administrative expenses;

- Synchronization of efforts to achieve uniform, corporate policy, greater integration and greater financial strength and flexibility for amalgamated entity; and

- Improving organizational capability and leadership arising from pooling of human capital that has diverse skills, talent and vast experience to compete successfully in an increasingly competitive industry.

Shares of DELTA MAGNETS LTD. was last trading in BSE at Rs.129.3 as compared to the previous close of Rs. 123.15. The total number of shares traded during the day was 776 in over 11 trades.

The stock hit an intraday high of Rs. 129.3 and intraday low of 128.9. The net turnover during the day was Rs. 100252.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Manappuram Finance Ltd to acquire 100% in Manappuram Comptech & Consultants Ltd

BEML Ltd board declares interim dividend of Rs. 4.50

Power supply restored at Amit Spinning Industries Ltd's factory

Pierer Industrie and Bajaj in discussions for Bajaj to participate at KTM Industries level

PFC signs agreement to acquire majority stake in REC Limited

Infosys and Roland-Garros Partner for Digital Innovation

DIAL awards the Commercial Development Rights at Aerocity, Delhi to a consortium led by M/s Bharti Realty

Bosch Ltd to form JV with Prettl India Pvt Ltd

Frontline Securities Ltd board to consider buy-back on March 26, 2019

IDFC FIRST Bank Ltd has sold 8.37% stake in ARCIL

Sun TV Network Ltd appoints R Mahesh Kumar as MD

CCL Products India Ltd board to consider interim dividend on March 23, 2019

Greenlam Industries Ltd to increase capacity through brownfield expansion

Smt. Sushmita Dasgupta appointed as Government Director of Indian Oil Corporation Ltd

Promoter group entities of Greaves Cotton Ltd to merge

California Software Company Ltd to consider allotment of OCRPS to Chemoil

Adani Transmission Ltd board approves buy-back of 10,000 NCDs

ABans Enterprises Ltd to acquire Abans Jewels Pvt Ltd

HUDCO updates on medium term note programme

Gopala Polyplast Ltd withdraws QIP

Sayaji Hotels Ltd terminates lease agreement with Barbeque-Nationa

GE T&D India Ltd updates on transformer business

Karnataka Bank opens its 839th Branch at Nadugodu - Kateel

Zensar brings 'Experience Digital Returns' focused solutions to Adobe Summit 2019

Topcoder's Crowdsourced Quality as a Service for On-Demand Testing Enables Faster Speeds, Greater Work Volumes for Customers

Krypton Industries Ltd receives order of Rs. 23.10 crores

CG equipped 'Deutsche Bucht' offshore substation topside sails out

Prima Plastics Ltd's JV declares dividend

Asian Oilfield Services receives LOI from Oilmax for contract of Rs. 210 crores for 10 years

Toyota and Suzuki Agree to Start Consideration toward New Collaboration

HFS Research Ranks HGS in the Top 3 for Voice of the customer in survey of more than 300

REC Ltd approves market borrowing programme for 2019-20

Onida launches smart air conditioners ONYXS and GENIO

Alankit Ltd Board approves interim dividend of Rs. 0.20 for 2018-19

Vodafone Idea Ltd board approves terms of rights issue

SBI Life Insurance Company Ltd fixes Apr 4, 2019 as record date for interim dividend

Newgen Positioned as a Strong Performer in Digital Process Automation for Wide Deployments by Top Independent Research Firm

Colgate Palmolive India Ltd fixes Apr 8, 2019 as record date for second interim dividend

Mahindra & Mahindra Financial Services Ltd allots 5000 NCDs worth Rs. 500 crores

The launch of Wealth Qube - 2020 at Intellect User Meet, Dubai

SHARP India Ltd board meeting to approve appointment of Mr. Naoki Hatayama as MD

Indraprastha Gas Ltd announces cessation of two independent directors

SHARP India Ltd announces resignation of MD

China Telecom Global partners with Tata Communications

HCL and Xerox expand Strategic Partnership to accelerate operational Transformation

Jet Airways India Ltd grounds another 6 aircraft

Vikas WSP Ltd updates on US court litigation

Tata Steel Bsl Ltd allots NCRPS worth Rs. 6500 crore to Tata Steel Ltd

IDBI Bank Ltd approves rupee bond borrowing limit of Rs. 4000 crore

Newgen secures another Patent for its invention - Integrated and Automatic Generation of Carbon Credits

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019