Eveready Industries to consider merger of subsidiary Powercell Battery India Ltd

Eveready Industries India Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 13, 2007, inter alia, to consider a scheme of amalgamation of the wholly owned subsidiary of the Company, Powercell Battery India Ltd with the Company under section 391 and 394 of the Companies Act 1956, proposed to be made effective from April 01, 2007.

The implementation of the Scheme will be subject to the approval of the Stock Exchanges, shareholders of the Company and the Hon'ble High Court at Calcutta and or any other concerned authority.

The stock closed at Rs.60.60, up by Re.0.55 or 0.92% on volume of 38660 shares compared to 2 week average of 350611. The stock hit an intraday high of Rs.61.90 and low of Rs.60.35.

Source : Equity Bulls

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