Integra Essentia Ltd to evaluate merger proposal with G G Engineering Ltd

The Board of Directors of Integra Essentia Ltd 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 G G Engineering Limited ('GGEL'), a company listed on the BSE Limited (Script code: 540614), engaged in the business of trading of iron steel and other infrastructure related items.

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, the Company is seeking to appoint a Big4 Advisory firm for evaluating the aforesaid proposed consolidation from tax and regulatory perspective. Subsequently, board delegated powers to the officers/KMP's of the Company to evaluate the consolidation in consultation with the advisors.

The board also considered and approved the redemption of debentures which were originally issued by the company on July 01, 2013 as per the offer negotiated with the NCDs holder for a Lump-sum payment of at Rs. 1,50,00,000 (One Crore Fifty Lacs) towards full and final settlement/redemption of the entire 2845 Unsecured, non-convertible Redeemable Debenture of Rs. 100 Thousand each.

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 Mrger GGEngineering