Titan Industries approves merger of 3 associate companies

Titan Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 25, 2007, inter alia, has considered and approved the proposal to merge three associate domestic Companies viz., Samrat Holdings Ltd, Titan Holdings Ltd and Questar Investments Ltd (transferor Companies) with the Company, subject to required statutory, shareholders and creditors Consents. This would result in an issue (of about 1,60,000 equity shares to the minority shareholders of the merging Companies; the extinction of investments of about Rs 23 cores; and receipt of cash / cash equivalent, assets of over Rs 45 crores from the transferor Companies. This would result in issue of additional equity share capital not exceeding 0.50% of the current issued and paid up equity share capital of the Company. The Board has also fixed the appointed date for the merger as April 01, 2007.

Source : Equity Bulls

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