Zuari Industries Ltd updates on JV and merger

Zuari Industries Limited ("the Company" / "ZIL") incorporated a Company in the name of Zuari Envien Bioenergy Private Limited ("ZEBPL") as its Wholly Owned Subsidiary which shall become the joint venture entity between ZIL and Envien International Limited ("Envien"), subsequently.

The Board of Directors of the Company at its meeting held on 9 January 2023, has accorded its approval for execution of Shareholders' Agreement, Securities Subscription Agreement and other ancillary agreements (if required) with Envien and ZEBPL, which would set out the terms and conditions pursuant to which ZIL and Envien will infuse their respective contributions for carrying out the aforesaid joint venture.

The Board of Directors of the Company at its meeting held on 9 January 2023, has approved the Scheme of Amalgamation between Zuari Sugar and Power Limited, Wholly Owned Subsidiary of the Company (Transferor Company / ZSPL) with Zuari Industries Limited (Transferee Company / ZIL) under Section 233 of Companies Act, 2013 and other applicable provisions and allied rules made thereunder, through fast track route. The Appointed date as per the Scheme of Amalgamation is 1 April 2022.

Shares of Zuari Industries Limited was last trading in BSE at Rs. 143.20 as compared to the previous close of Rs. 142.90. The total number of shares traded during the day was 2459 in over 172 trades.

The stock hit an intraday high of Rs. 144.95 and intraday low of 140.85. The net turnover during the day was Rs. 351206.00.

Source : Equity Bulls

Keywords

ZuariIndustries INE217A01012 JV Envien Merger ZuariSugarandPower