Nitco Tiles to consider amalgamation of companies, increase FII limit to 49%

Nitco Tiles Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 02, 2007, inter alia, to consider the following:

1. The proposal for amalgamation of Shark Properties Pvt Ltd into the Company and Nitco Realties Pvt Ltd into Motivation Properties Pvt Ltd pursuant to a Composite Scheme of Arrangement under Sections 391-394 read with Sections 78 and 100 to 103 of the Companies Act, 1956 and for determining the share issue ratio thereof and all matters related and incidental thereto.

2. The proposal to increase the Foreign Institutional Investors’ investment limit up to 49%.

Source : Equity Bulls

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