Phoenix Lamps has received its board’s approval for draft Scheme of Amalgamation with its Holding Company namely Suprajit Engineering, Bangalore.
Further, based on the proposed 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 with the ratio of 4 Equity Shares of the face value of Re 1 each of 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 as on the “Record Date” to be fixed by the board of Directors of the company.
Phoenix Lamps is the largest manufacturer of Automotive Lamps in India and caters to Indian OEMs, After Market and European Aftermarket segment.
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