Regency Ceramics Board approves merger of Regma Ceramics Ltd

Regency Ceramics Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2007 has duly approved the scheme of amalgamation of M/s. Regma Ceramics Ltd with the Company with effect from April 01, 2006, on due recommendation of the Committee of Independent Non-promoter Directors, constituted for the purpose of this merger / amalgamation.

Further, the Board of Directors authorized Dr. G N Naidu, Chairman and Managing Director of the Company to take necessary steps for consummation of the scheme of amalgamation with due regard to the applicable rules, regulations and procedures.

M/s. Regma Ceramics Ltd is a wall / floor tiles manufacturer with a installed capacity of 1,00,000 metric tonne per annum and having its manufacturing facility at Karaikal, UT of Pondicherry, provides employment to over 650 people. Regma is involved in manufacturing of value-added larger dimension tiles, bringing in synergy to the Company in various fronts like larger spread of materials, market, fiscal prudence, cost optimizations and inorganic strategic growth.

The Company is making necessary arrangement to seek the approval from Stock Exchanges in this regard.

Source : Equity Bulls

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