Coromandel Fertilisers Board to raise Rs.230 Crores, approves amalgamation of Ficom Organics

Coromandel Fertilisers Ltd has announced that the Board of Directors of the Company at its meeting held on October 17, 2006, inter alia, has approved the following:

1. A Scheme of Amalgamation for merger of M/s Ficom Organics Ltd (Ficom}, and M/s Rasilah Investments Ltd (a wholly owned subsidiary Company of Ficom) with the Company, (subject to the approval of the shareholders and the High Court of Judicature at Andhra Pradesh and Mumbai).

As per the Scheme, shareholders of Ficom will be entitled for 3 Equity Shares of the Company for every 11 Equity Shares held by them of M/s Ficom Orgonics Ltd.

2. A Fund Raising Proposal upto Rs 230 crore or its equivalent in any other currency through issue of Equity / Equity Linked Securities at appropriate time and for this purpose would be seeking the approval of Members at an Extraordinary General Meeting of the Company.

Source : Equity Bulls

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