Suprajit Engineering has informed that the Board of Directors of the Company at its meeting held on April 18, 2016, has approved the draft Scheme of Amalgamation of Phoenix Lamps Limited, Noida, a Subsidiary of the Company with Suprajit Engineering; and the Board also recommended to alter the Memorandum of Association to include new business relating to lamps and Articles of Association of the Company to be in line with the Companies Act, 2013, recommended to increase the borrowing powers of the Board, recommended to increase the limits of loans and investments by the Board, and recommended to seek the approval of the Shareholders by way of Postal Ballot for the above items. Further, based on the Share Exchange ratio recommended by the Independent Valuer, in line with SEBI guidelines and duly reviewed by the Audit Committee, the Board also fixed the Share Exchange Ratio as 4 Equity Shares of the face value of Re 1 each in Suprajit Engineering with rights attached thereto as mentioned in this Scheme, for every 5 Equity Shares of the face value of Rs 10 each held in Phoenix Lamps Limited as on the ‘Record Date’ to be fixed by the Board of Directors of the Company. In this regards, the Company has submitted a copy of Press Release.
The above information is a part of company’s filings submitted to BSE.
