Gujarat State Fertilizers to merge GSFC Investment with itself

Gujarat State Fertilizers & Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on July 13, 2007, has approved the draft Scheme of Amalgamation of GSFC Investment And Leasing Company Ltd (GILCL), (wholly owned subsidiary of the Company) with the Company.

Since GILCL is a wholly owned subsidiary of the Company, all the equity shares of GILCL are held by the Company and as a result, there will be no exchange of shares of the Transferee Company to the shareholders of the Transferor Company. Therefore, there will be no enlistment of any new shares on the Stock Exchange consequent upon amalgamation of GILCL with the Company.

The stock closed the day at Rs.186.40, up by Rs.3.60 or 1.97%. The stock hit an intraday high of Rs.193.85 and low of Rs.184.95. The total traded quantity was 304855 compared to 2 week average of 104922.

Source : Equity Bulls

Keywords