Pondy Oxides & Chemicals has received an approval for investment of not less than 51% and subject to maximum of 60% in the post equity of 7,20,000 shares of the face value of Rs 100 each with a premium of Rs 100 each in Meloy Metals for a value not exceeding Rs 8.65 crore. The board of directors at its meeting held on September 4, 2017 has approved for the same. By virtue of the proposed investment, Meloy Metals shall become subsidiary of the company from the date of allotment of shares.
Pondy Oxides & Chemicals manufactures metal oxides and plastic additives. The company produces zinc oxide, lead sub oxide, litharge red lead, and liquid stabilizers of polyvinyl chloride (PVC).
