Eastcoast Steel has received an approval for the proposed scheme of amalgamation of Mind Factory Entertainment (MFEPL) with the company. The board after extensive deliberations and discussions at its meeting held on September 30, 2011 has approved for the same.
However, the scheme of amalgamation as approved by the board shall be implemented pursuant to the provisions of Section 391 to 394 and other applicable provisions, if any, of the Companies Act, 1956 and is subject to such approvals as may be required including that of the Stock Exchanges, High Court of Chennai, the shareholders’ and other regulatory approvals including approvals from appropriate authorities under applicable law and from all concerned parties.
Further, as per the proposal, the shareholders of MFEPL shall be issued four equity shares of Rs 10 each of the company for every twenty one equity shares of Re 1 held by them. The board considered the share swap ratio based on the independent valuation conducted by Pathak H. D. & Associates, Chartered Accountants and the fairness report of SPA Merchant Bankers being a SEBI registered Category-I Merchant Banker. The appointed date for the amalgamation shall be April 01, 2011.
Eastcoast Steel is engaged in the manufacture of steel, primarily mild steel billets.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.85 |
| JSW Steel | 1270.45 |
| SAIL | 178.00 |
| Jindal Stainless | 786.40 |
| APL Apollo Tubes | 2123.75 |
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