IVRCL has received its board’s approval to merge of IVRCL Assets & Holdings (IVRCL A&H) with itself. The company’s board also cleared a plan for the demerger of the manufacturing factory of the company into an SPV and also the real estate activity of IVRCL A&H into a separate subsidiary company.
The proposal is subject to acceptance of a fair share swap ratio and other commercial matters relating thereto by the respective boards, receipt of approvals from requisite statutory and regulatory authorities, the shareholders of the companies, the High Court of Andhra Pradesh.
The company’s board intend to meet again to consider the terms of the proposed amalgamation, including the share swap ratio after receipt of the valuation report, the fairness opinion and the draft Scheme of Amalgamation and any other matter as required.
In this connection, the board approved appointment of required agencies i.e. legal advisors, merchant bankers and advisors to determine the share swap ratio and to obtain fairness opinion on the share swap ratio.
Company Name | CMP |
---|---|
Larsen & Toubro | 3641.45 |
Rail Vikas Nigam | 382.85 |
KEC International | 760.25 |
Kalpataru Projects | 1189.00 |
NCC | 285.35 |
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