Galaxy Entertainment to amalgamate PAN India Restaurants Ltd

Galaxy Entertainment Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on December 20, 2006, inter alia, considered and approved the following:

1. Scheme of amalgamation for proposed amalgamation of PAN India Restaurants Ltd with the Company. As per the Exchange Ratio determined on the basis of valuation report received from Ernst & Young Pvt Ltd, Shareholders holding 1000 Equity shares of Rs 10/- each fully paid up in PAN India Restaurants Ltd on the record date to be determined shall be entitled to receive 715 Equity Shares of Rs 10/- each fully paid up in the Company.

2. Proposal for merger of Galaxy Lifestyle Restaurants Ltd, wholly owned subsidiary with the Company subject to necessary approvals, valuation and exchange ratio to be determined.

Source : Equity Bulls

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