Kansai Nerolac Paints to allot shares on amalgamation of Polycoat Powders Ltd

Kansai Nerolac Paints Ltd has announced that the Board of Directors of the Company at its meeting held on May 03, 2007, has approved allotment of 14,38,320 equity shares of Rs 10 each to the shareholders of Polycoat Powders Ltd (PPL) consequent to the amalgamation of PPL with the Company, in terms of the approval of the Hon'ble High Court of Judicature at Bombay, vide its Order dated March 09, 2007. Prior to the amalgamation as aforesaid, PPL was the wholly owned subsidiary of Kansai Paint Co. Ltd., Japan (KP.) As such, these shares are allotted to KP and its shareholding in the Company has increased from 64.52% to 66.41%.

The stock closed the day at Rs.703, down by Rs.33 or 4.48%. The stock hit an intraday high of Rs.730 and low of Rs.703. The total traded quantity was 496.

Source : Equity Bulls

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