Eveready Industries Board approves merger of Powercell Battery India Ltd

The Board of Directors of Eveready Industries India Ltd at its meeting held on April 13, 2007, has approved a Scheme of Amalgamation between the wholly owned subsidiary of the Company, Powercell Battery India Ltd and the Company.

Powercell Battery India Ltd is an existing unlisted Company having its registered office at 1 Middleton Street, Kolkata and is in the business of manufacture and sale of dry cell batteries and flashlights.

The salient features of the scheme are:

1. The Scheme is proposed to be made effective April 01, 2007 (appointed date).

2. On and from the appointed date, the wholly owned subsidiary, Powercell Battery India Ltd shall stand amalgamated with the Company.

3. On the said amalgamation, the equity shares held by the Company along with its nominees in the said subsidiary shall stand cancelled and no further shares shall be issued.

The Scheme of Amalgamation will be under the purview of sections 391 and 394 of the Companies Act, 1956 and is subject to the approval, consent of the shareholders of the Company and Powercell Battery India Ltd, sanction of the Hon’ble High Court at Calcutta (or of the National Company Law Tribunal, if constituted in mean time).

The stock closed the day up by Re.0.35 or 0.58% at Rs.61. The stock hit an intraday high of Rs.62.75 and low of Rs.60.70. The total traded quantity was 39799 shares compared to 2 week average of 53774.

Source : Equity Bulls

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