Innovassynth Investments Ltd approves merger of Innovassynth Technologies India Ltd

The Board of Directors of Innovassynth Investments Limited (the "Company") at its meeting held on 23rd August 2024, the Board, has considered and approved the merger of the Innovassynth Technologies (India) Limited (Transferor Company) into and with the Company pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Act"). The proposed Scheme of Merger by Absorption ("Scheme") inter alia provides for the merger of the Transferor Company with the Company. The proposed Scheme is subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the jurisdictional National Company Law Tribunal.

The Transferor Company is an associate of the Transferee Company in which the Transferee Company holds 31.79% and post the additional acquisition will hold 36.73%.

Innovassynth Technologies (India) Limited is an unlisted public company, incorporated under the provisions of the Companies Act, 1956 on December 4, 2001 in the state of Maharashtra under CIN U24110MH2001PLC134105. The registered office of the Transferor Company is situated at Innovassynth Technologies (India) Limited, old Mumbai - Pune Road, Raigarh, Khopoli, Maharashtra, India - 410203.

The proposed corporate restructuring mechanism by way of a scheme of merger by absorption is beneficial, advantageous and not prejudicial to the interest of the shareholders, creditors and other stakeholders. The proposed scheme of merger by absorption of Transferor Company into Transferee Company is in consonance with the global corporate restructuring practices which intends and seeks to achieve flexibility and integration of size, scale and financial strength.

The Transferor Company and the Transferee Company believe that the financial, and other resources of the Transferor Company and the Transferee Company pooled in the merged entity, will lead to increased competitive strength, cost reduction and efficiencies and logistic advantages, thereby contributing to future growth. Therefore, the management of the Transferor Company and the Transferee Company believe that this Scheme shall benefit the respective companies, shareholders and other stakeholders of respective companies.

Share exchange ratio is fixed as 1:1 i.e., 1 fully paidup equity shares of face value of INR 10, each of the Transferee Company for every 1 fully paid-up equity shares of face value of INR 10 each held in the Transferor Company.

Shares of INNOVASSYNTH INVESTMENTS LTD. was last trading in BSE at Rs. 41.47 as compared to the previous close of Rs. 34.56. The total number of shares traded during the day was 39147 in over 94 trades.

The stock hit an intraday high of Rs. 41.47 and intraday low of 41.47. The net turnover during the day was Rs. 1623426.00.

Source : Equity Bulls

Keywords

INNOVASSYNTHINVESTMENTS INE690J01011 Merger Amalgamation InnovassynthTechnologiesIndia