Areva T&D Board approves Scheme of Amalgamation

Areva T&D India Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2006 has approved amalgamation of AREVA T&D Systems India Ltd (ATDSL), AREVA T&D Instrument Transformers India Pvt Ltd (AITPL) and AREVA T&D Lightning Arresters Pvt Ltd (ALAPL) with this Company with effect from January 01, 2006.

Further, based on the joint valuation report dated October 26, 2006 of M/s Bansi S Mehta & Co., and M/s N M Raiji & Co., Chartered Accounts, the Board approved the following exchange ratios for issue and allotment:

- to the shareholders of ATDSL 7 new equity shares of Rs 10/- each in the Company credited as fully paid up for every 15 equity shares of Rs 10/- each fully paid up held by them in the capital of ATDSL.

- to the shareholders of AITPL 7 new equity shares of Rs 10/- each in the Company credited as fully paid up for every 66 equity shares of Rs 10/- each fully paid up held by them in the capital of AITPL.

A total of 7.9 million new Equity Shares of Rs 10/- each credited as fully paid up in the Company would accordingly be issued and allotted to the shareholders of ATDSL and AITPL in terms of the Scheme. The shares of ATDSL and AITPL are all held by Areva T&D SA of France and/or other Companies of AREVA group registered in France.

In terms of the Scheme no new equity shares will, however, be issued and allotted by the Company in respect of the shares of ALAPL since all equity shares of ALAPL are held by ATDSL and AITPL, which shall stand amalgamated with the Company.

The Scheme is subject to and shall become effective on receipt of requisite statutory approvals.

Source : Equity Bulls

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