APL Apollo Tubes Ltd approves merger of Lloyd Line Pipes Ltd.

The Board of Directors of APL Apollo Tubes Ltd at its meeting held on June 13, 2015, has considered and approved the Scheme of Amalgamation of a subsidiary Company viz. M/s. Lloyd Line Pipes Limited (Transferor Company) with M/s. APL Apollo Tubes Limited (Transferee Company) along with the relevant documents including fairness opinion.

The proposed amalgamation will be undertaken through a court approved Scheme of Amalgamation under the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (applicable as on date) or any corresponding provisions of the Companies Act, 2013. The amalgamation shall strengthen the operations of the Company, and bring synergy in the operations since both the Companies operate in the same segment.

The Scheme is subject to the approval of Shareholders and Creditors of the Companies, if applicable, and also subject to the sanction of Hon'ble High Court of Delhi.

The Board approved the "APL APOLLO EMPLOYEE STOCK OPTION PLAN - 2015" and the Notice of Postal Ballot to be sent to Shareholders for their approval in this regard.

The Board also approved the issue of rated, listed, secured, redeemable, non-cumulative, taxable, non-convertible debentures upto Rs. 200 crores.

Shares of APL APOLLO TUBES LTD. was last trading in BSE at Rs.412 as compared to the previous close of Rs. 384. The total number of shares traded during the day was 4207 in over 273 trades.

The stock hit an intraday high of Rs. 414.9 and intraday low of 387. The net turnover during the day was Rs. 1699853.

Source : Equity Bulls

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