Coromandel Fertilisers fixes ratio of 3:2 for merger of Godavari Fertilisers

Coromandel Fertilisers Ltd has announced that the Board of Directors of the Company at its meeting held on July 24, 2007, inter alia, has approved the following:

1. Draft Scheme of Amalgamation (Scheme) of Godvari Fertilisres And Chemicals Ltd (GFCL) with the Company.

2. As per the Scheme, shareholders of GFCL will be entitled to receive 3 equity shares of Rs 2/- each of the Company for every 2 equity shares of Rs 10/- each held by them in GFCL.

Further the Company has informed that, Mr. T M M Nambiar, Director, has retired from the Board of Directors of the Company effective from July 24, 2007.

Coromandel Fertilisers stock closed the day at Rs.84.70, down by Rs.0.30 or 0.35%. The total traded quantity was 67563 compared to 2 week average of 54849. The stock hit an intraday high of Rs.87 and low of Rs.84.70.

Godavari Fertilisers stock closed the day at Rs.133.45, up by Rs.3.25 or 2.50%. The total traded quantity was 14134 compared to 2 week average of 7869. The stock hit an intraday high of Rs.134.50 and low of Rs.129.95.

Source : Equity Bulls

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