Deccan Gold Mine’s board of directors at its meeting held on December 3,2013 has given an in-principle approval for the proposed amalgamation of Australian Indian Resources (AIR). AIR is a Company incorporated and existing under the laws of Australia presently holding 38.80% of the paid up capital of Geomysore Services (India) (Geomysore) under a scheme of arrangement pursuant to provisions of Sections 391-394 of the Companies Act, 1956, India.
AIR's Board has accorded its In-principle consent to the amalgamation of AIR (represented by its investment in Geomysore) with the Company subject to the final approval of the Board of the proposed terms of the amalgamation including but not limited to the relevant valuation of shares and the share exchange ratio.
Upon amalgamation of AIR with the Company, the shares aggregating to 38,80% of the paid-up share capital of Geomysore held by AIR shall stand vested in the Company. The Company, subject to the consent of the balance non-resident and resident Indian shareholders of Geomysore, also proposes to acquire the balance 61,20% shares from them on the same terms as offered to AIR to enable Geomysore to become a wholly owned subsidiary of the Company.
Company Name | CMP |
---|---|
Coal India | 487.40 |
NMDC | 267.50 |
GMDC | 401.75 |
Sandur Manganese | 540.50 |
MOIL | 531.60 |
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