Nilkamal Board approves Scheme of Amalgamation

Nilkamal Ltd has announced that the Board of Directors of the Company at its meeting held on April 21, 2007, has considered and approved the proposal for amalgamation of Nilkamal Crates and Bins Pvt Ltd ("NCBPL") and Stackwell Marketing Services Pvt Ltd ("SMSPL") into the Company as per terms and conditions mentioned in the Scheme of Amalgamation placed before the Board.

On the basis of the valuation report of Dalal & Shah, Chartered Accountants, the Scheme of Amalgamation approved by the Board of Directors of the Company states that shares shall be allotted in the following ratio:

- 4 fully paid up equity shares of Rs 10 each of the Company for every 21 equity shares of Re 1 each held on the NCBPL.

- 5 fully paid up equity shares of Rs 10 each of the Company for every 12 equity shares of Re 1 each held in the SMSPL.

The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders and creditors of the Companies, the Hon'ble High Court of Bombay, the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.

Source : Equity Bulls

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