G G Engineering Limited grants in-principle approval for merger with Integra Essentia Ltd

The Board of Directors of G G Engineering Limited at its meeting held today i.e. Wednesday, September 20, 2023 at the Registered Office of the Company, has granted in-principle approval for evaluating consolidation proposal of the company with Integra Essentia Limited ('IEL'), a company listed on the BSE Limited (Script code: 535958) and NSE Limited (NSE Symbol: ESSENTIA), engaged in the business of dealing, trading of agricultural commodities, life necessities, items of basic human needs, organic and natural products and processed foods etc. and other essential goods, infrastructural products among others.

The board believes that such consolidation would create a larger and stronger entity, subject to statutory, regulatory and other approvals including relevant third-party consents. This will help to pool in the experience, expertise, resources and client base of the two companies and offer a larger bouquet of life essential products, FMCG goods, energy & infrastructure products. The proposed consolidation shall result in streamlining of operations and cost efficiency and together with the combined clientele of both the companies, is likely to result in accelerated business growth.

Further, powers delegated to the officers/KMP's of the Company to evaluate the consolidation in consultation with the advisors, which may be appointed in due course.

Shares of Integra Essentia Limited was last trading in BSE at Rs. 7.42 as compared to the previous close of Rs. 7.07. The total number of shares traded during the day was 926652 in over 812 trades.

The stock hit an intraday high of Rs. 7.42 and intraday low of 7.00. The net turnover during the day was Rs. 6834587.00.

Source : Equity Bulls

Keywords

IntegraEssentia INE418N01035 Infrastructure InPrincipleApproval Merger GGEngineering