Mangalam Cement considers swap ratio for merger of Mangalam Timber

The meeting of Board of Directors of Mangalam Cement Ltd (MCL) held on September 28, 2010, considered the report of M/s. Ernst & Young P. Ltd, wherein they have recommended share Swap ratio of one share of Mangalam Cement Ltd. for every ten shares of Mangalam Timber Products Ltd. on merger of Mangalam Timber Products Ltd. (MTPL) with Mangalam Cement Ltd. Accordingly, the Board has decided to offer one equity share of Mangalam Cement Ltd. in exchange of ten shares of MTPL on merger of MTPL with Mangalam Cement Ltd. subject to necessary approvals of the Board of MTPL, shareholders of MCL and MTPL, Stock Exchanges, confirmation by Hon'ble High Courts of Rajasthan and Orrisa and other Statutory approvals, as are necessary and required.

The stock was trading at Rs.162, up by Rs.8 or 5.19%. The stock hit an intraday high of Rs.167.35 and low of Rs.153.50.

The total traded quantity was 1.86 lakhs compared to 2 week average of 0.25 lakhs.

Source : Equity Bulls

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