Century Plyboards India Updates on Scheme of Amalgamation

Century Plyboards India Ltd has announced that the Board of Directors of the Company at its meeting held on June 02, 2007, had approved the Scheme of Amalgamation whereby three Companies namely, Century Panels Pvt Ltd, Sharon Veneers Pvt Ltd and Sharon Wood Industries Pvt Ltd (all engaged in manufacture of Plywood related products) will amalgamate with the Company with effect from the appointed date i.e. April 01, 2007. The exchange ratio decided is as under:

- 100 equity shares of Rs 10/- each fully paid up of the Company in exchange of 320 shares of Rs 10/- each of Century Panels Pvt Ltd.

- 100 equity shares of Rs 10/- each fully paid up of the Company in exchange of 61 equity shares of Rs 10/- each of Sharon Veneers Pvt. Ltd.

- 100 equity shares of Rs 10/- each fully paid up of the Company in exchange of 190 equity shares of Rs 10/- each of Sharon Wood Industries Pvt Ltd.

As per the aforesaid exchange ratio, the Company will be issuing the following numbers of shares to respective transferor Companies:

- 14,51,625 equity shares of the Company to the shareholders of Century Panels Pvt Ltd

- 7,37,213 equity shares of the Company to the shareholders of Sharon Veneers Pvt Ltd

- 2,63,053 equity shares of the Company to the shareholders of Sharon Wood Industries Pvt Ltd

Total 24,51,891 equity shares of the Company will be issued to the shareholders of the aforesaid three Transferor Companies.

Source : Equity Bulls

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