Spencer's Retail to merge with CESC Ltd

CESC Ltd has announced that the Board of Directors of the Company at its meeting held on April 17, 2007, has approved, subject to requisite approvals, a scheme for merging the holding Company of Spencer's Retail Ltd with the Company.

As per the scheme to be effective from April 01, 2007, 1 fully paid-up Equity Share of the Company for every 1.98 fully paid-up Equity Shares of the merging Company will be issued involving issue of around 31 million fully paid-up Equity Shares of Rs 10 each of the Company.

The stock closed the day at Rs.399.95, up by Re.0.40 or 0.10%. The stock hit an intraday high of Rs.405.80 and low of Rs.382.80. The total traded quantity was 4131148 compared to 2 week average of 196762.

Source : Equity Bulls

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