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Promoter group entities of Greaves Cotton Ltd to merge

Posted On: 2019-03-20 21:30:08

Greaves Cotton Ltd has received communication dated 20th March, 2019 from the promoters of the Company namely M/s DBH International Private Limited ["DBHI"], M/s Bharat Starch Products Private Limited [uBSP"] and M/s Karun Carpets Private Limited ["KCPL"] wherein they have intimated that they are considering a Scheme of Amalgamation ["Scheme"] wherein DBHI, BSP and DBH Investments Private Limited ['Transferor Companies"] will amalgamate into KCPL ["Transferee Company"], subject to receipt of necessary approvals from applicable regulatory authorities, including but not limited to National Company Law Tribunal in accordance with the provisions of the Companies Act, 2013.

DBHI, SSP and KCPL are promoters of the Company and once the Scheme is approved by the shareholders of the above Transferor and Transferee Companies and by the regulatory authorities, including but not limited to National Company Law Tribunal, then the shares of our Company, held by DBHI and SSP would get consolidated in KCPL. Please note that the aggregate holding of the promoter and promoter group in the Company, either in number or percentage, before and after the Scheme, will remain same i.e. 51.90%.

Shares of GREAVES COTTON LTD. was last trading in BSE at Rs.137.2 as compared to the previous close of Rs. 139.55. The total number of shares traded during the day was 16354 in over 230 trades.

The stock hit an intraday high of Rs. 139.2 and intraday low of 135.5. The net turnover during the day was Rs. 2243342.


Source: Equity Bulls

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