Tata Chemicals spurts on getting nod to amalgamate Wyoming 1 with itself

14 Nov 2011 Evaluate

Tata Chemicals is currently trading at Rs. 339.35, up by 7.80 points or 2.35% from its previous closing of Rs. 331.55 on the BSE.

The scrip opened at Rs. 338.50 and has touched a high and low of Rs. 340.00 and Rs. 334.40 respectively. So far 41122 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 446.30 on 27-Oct-2010 and a 52 week low of Rs. 287.80 on 05-Oct-2011.

Last one week high and low of the scrip stood at Rs. 340.00 and Rs. 322.10 respectively. The current market cap of the company is Rs. 8446.44 crore.

The promoters holding in the company stood at 31.07% while Institutions and Non-Institutions held 44.21% and 24.71% respectively. 

Tata Chemicals has received an approval for the proposed scheme of amalgamation of Wyoming 1 (Mauritius) (Wyoming 1) with the company. The board at its meeting held on November 11, 2011 has approved for the same. The appointed date of the scheme is January 01, 2012.

Upon the scheme coming into effect and in terms of the scheme of amalgamation, all assets and liabilities of Wyoming 1 shall be transferred to and vested in the company and all shares of Wyoming 1 stand cancelled. No shares of the company will be issued and allotted in lieu or exchange of the equity shares of Wyoming 1. This amalgamation will be done under the provisions of sections 391 to 394 of the Companies Act 1956 and pursuant to the order of the High Court sanctioning the scheme and upon compliance with the process specified in the scheme.

Further, the scheme is subject to and conditional upon requisite approvals and sanctions being received thereof, including approvals and orders under Sections 391 and 394 of the Companies Act, 1956, as may be required in India and such regulatory approvals as may be required under Mauritius Companies Act.

Tata Chemicals (TCL) is the second largest producer of soda ash in the world with manufacturing facilities spread across four continents. TCL is market leader in iodized salt segment and leading manufacturer of urea and phosphatic fertilizers. Its urea plant in Babrala in Uttar Pradesh is most energy efficient fertilizer plant in country.

Wyoming 1 (Mauritius) is a wholly owned subsidiary of the company with its registered office in Mauritius.

Tata Chemicals Share Price

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