Mahindra CIE Automotive Ltd allots shares pursuant to merger

The Allotment Committee of the Board of directors of Mahindra CIE Automotive Ltd, has on January 02, 2015, pursuant to (a) the scheme of amalgamation of Mahindra Hinoday Industries Limited ("MHIL"), Mahindra Ugine Steel Company Limited ("MUSCO"), Mahindra Gears International Limited (MGIL), Mahindra Investments (India) Private Limited (MIIPL) and Participaciones Internacionales Autometal TRES, S.L. (PIA3) with the Company ("Integrated Scheme") AND (b) the scheme of amalgamation of Mahindra Composites Limited ("MCL") with the Company ("Composites Scheme"). [The Integrated Scheme and the Composites Scheme are together referred to as the Schemes and MHIL, MUSCO, MGIL, MIIPL, PIA3 and MCL are collectively hereinafter referred to as the "Transferor Companies".] as approved by the Hon'ble High Court of Judicature at Bombay vide its orders dated October 31, 2014, issued and allotted 22,93,30,519 (Twenty Two Crore Ninety Three Lac Thirty Thousand Five Hundred Nineteen) equity shares of Rs.10/- each as fully paid-up.

Consequent to the above allotment the paid up equity share capital of the Company has been increased from Rs. 93,45,76,860/- to Rs. 3,22,78,82,050/-, divided into 32,27,88,205 equity shares of Rs. 10/- each.

In terms of the Composites Scheme the Committee has also issued and kept in abeyance 945 (Nine Hundred and Forty Five) equity shares of Rs. 10/- each.

Shares of Mahindra CIE Automotive Limited was last trading in BSE at Rs.217.35 as compared to the previous close of Rs. 217.45. The total number of shares traded during the day was 22261 in over 1221 trades.

The stock hit an intraday high of Rs. 219.95 and intraday low of 216.4. The net turnover during the day was Rs. 4865135.

Source : Equity Bulls

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