Hon'ble High Court, Mumbai, approves Scheme of Arrangement of Bharat Fertiliser

Bharat Fertiliser Industries Ltd has announced that the Scheme of Arrangement between M/s. Wada Alums & Acids Pvt Ltd (WAAP) and M/s. the Company was approved by Hon'ble High Court, Mumbai on June 15, 2007.

Upon this scheme being approved by Hon'ble High Court, Mumbai the Company shall without any further application or deed, issue and allot 50 Equity Shares of the face value of Rs 10 each credited as fully paid-up to all shareholders of WADA and whose name appears in the Register of Members of WADA on the Record Date, in respect of every 1 equity shares of the face value of Rs 100 fully paid up.

The equity shares in the Company to be issued to the shareholders of WAAP pursuant above shall be subject to the Memorandum and Articles of Association of the Company and shall rank pari passu with the existing equity shares of the Company, save and except in relation to dividend to which they will be entitled proportionately from the Appointed Date.

The stock was trading at Rs.54.05, up by Rs.4.90 or 9.97%. The stock hit an intraday high of Rs.54.05 and low of Rs.52. The total traded quantity was 5188 compared to 2 week average of 1847.

Source : Equity Bulls

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