Steel Exchange to amalgamate Vizag Profiles Ltd, to diversify into new business

Steel Exchange India Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has transacted the following:

1. Accorded in principle approval to the proposal of amalgamation of M/s Vizag Profiles Ltd with the Company subject to requisite approvals and authorised Management Committee to oversee the process of Amalgamation including the finalisation of Scheme of Amalgamation and Swap Ratio on receipt of valuation report.

2. Approved to evaluate various options for Diversification into new business activities.

Source : Equity Bulls

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