Permanent Magnets equity shareholders approve Scheme of Arrangement

Permanent Magnets Ltd has announced that the equity shareholders of the Company at their Court-convened meeting held June 02, 2007, have passed the proposed scheme of Amalgamation of Taparia Magnetics Pvt Ltd, Sampada Capital Services Ltd, and Suyog Agencies Ltd and including the Arrangement between the Preference Shareholders of the Company, with requisite majority.

The shareholders of the transferor Companies as mentioned below will receive the shares of the Company in the following ratios:

1. Taparia Magnetics Pvt Ltd : 13 shares of the Company for every one share held on the record date in Taparia Magnetics P. Ltd.

2. Sampada Capital Services Ltd : 19 shares of the Company for every one share held on the record date in Sampada Capital Services Ltd.

3. Suyog Agencies Ltd : One share of the Company for every one share held on the record date in Suyog Agencies Ltd.

The Preference Shareholders will be entitled to 471 shares of the Company for every 1000 Preference Shares held on the record date in the Company.

Source : Equity Bulls

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