Based on the recommendations of the Audit Committee and the Committee of Independent Directors, the Board of directors of Indokem Limited has considered and approved a Revised Scheme of Amalgamation (the "Scheme") under Section 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules framed thereunder ("the Act").
The Scheme provides for Amalgamation of Refnol Resins and Chemicals Limited with the Company and their respective Shareholders.
The Scheme is subject to receipt of approvals of shareholders and creditors of the companies involved and approval of other regulatory authorities as may be required, including those of the, BSE Limited, Securities and Exchange Board of India and the National Company Law Tribunal, Mumbai Bench ("NCLT").
The Transferor Company is engaged in the business of manufacturing and marketing of resins and chemicals and the Transferee Company is engaged in
the business of dealing in dyes, sizing chemicals, auxiliaries in textile industry and electrical capacitors.
The share exchange ratio for amalgamation is fixed as 1,257 (One Thousand Two Hundred and Fifty-Seven) equity shares of Indokem having face value of INR 10 each fully paid up shall be issued for every 1,000 (One Thousand) equity shares held in Refnol having face value of INR 10 each fully paid up.
Shares of Indokem Ltd was last trading in BSE at Rs. 34.45 as compared to the previous close of Rs. 33.55. The total number of shares traded during the day was 5006 in over 35 trades.
The stock hit an intraday high of Rs. 34.9 and intraday low of 32.55. The net turnover during the day was Rs. 170909.
Shares of Refnol Resins & Chemicals Ltd. was last trading in BSE at Rs. 28.95 as compared to the previous close of Rs. 29.7. The total number of shares traded during the day was 899 in over 24 trades.
The stock hit an intraday high of Rs. 30 and intraday low of 28. The net turnover during the day was Rs. 25669.