Bannari Amman Sugars Board approves merger of Maheswara Sugars Ltd

Bannari Amman Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on June 27, 2007, has approved the scheme of amalgamation of M/s. Maheswara Sugars Ltd with the Company and the appointed date of the scheme is January 01, 2007. The scheme of amalgamation is subject to approval of the members and Hon'ble High court. The revised accounts for the year ended March 31, 2007 giving effect to the merger will be placed for consideration and adoption after obtaining approval from the Hon'ble High Court, Madras. In the revised accounts, appropriation including dividend would be considered.

The stock was trading at Rs.811, up by Rs.9.95 or 1.24%. The stock hit an intraday high of Rs.820 and low of Rs.800.05. The total traded quantity was 679 compared to 2 week average of 723.

Source : Equity Bulls

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