Indo Count Industries Ltd allots shares on merger of Pranavaditya Spinning Mills Ltd

The company has approved the allotment of 6,54,404 equity shares of Rs.2/- each pursuant to the Scheme of Amalgamation (by way of merger by absorption) of Pranavaditya Spinning Mills Limited ("Transferor Company" / "Subsidiary Company" / "PSML") with Indo Count Industries Limited ("the Company" / Transferee Company" / "ICIL") and their respective Shareholders ("Scheme") under Sections 230-232 of the Companies Act, 2013, as approved by the Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT") vide its Order dated October 3, 2022. The said shares are listed and being traded w.e.f. December 2, 2022.

The Stakeholders Relationship Committee of the Company on December 2, 2022 has approved the issue and allotment of additional 266 fully paid-up equity shares of the face value of Rs.2/- each at par to the certain shareholders of PSML in Unclaimed Suspense Account as on record date (i.e. October 27, 2022) in the swap ratio of 2:15, pursuant to the Scheme. These equity shares will be listed on the National Stock Exchange of India Ltd and BSE Ltd.

The Issued, Subscribed and Paid up Capital of the Company increases from Rs. 39,61,08,148/- comprising of 19,80,54,074 Equity Shares of face value of Rs. 2/- each to Rs. 39,61,08,680/- comprising of 19,80,54,340 Equity Shares of Rs. 2/- each due to the above issue and allotment of Equity Shares in the Company.

Shares of Indo Count Industries Limited was last trading in BSE at Rs. 139.35 as compared to the previous close of Rs. 138.85. The total number of shares traded during the day was 15738 in over 525 trades.

The stock hit an intraday high of Rs. 140.65 and intraday low of 137.40. The net turnover during the day was Rs. 2196471.00.

Source : Equity Bulls

Keywords

IndoCountIndustries INE483B01026 SharesAllotment Merger PranavadityaSpinningMills