India Cements to merge Visaka Cement Industry with itself

India Cements Ltd has announced that the Board of Directors of the Company at its meeting held on February 28, 2007 has decided to merge the Company's associate company, namely, Visaka Cement Industry Ltd (VCIL) with the Company and accordingly approved a scheme of amalgamation under Sec. 391 to Sec. 394 of the Companies Act, 1956, to take effect from July 01, 2006, subject to sanction of appropriate authorities.

As per the aforesaid scheme, 1 equity share of Rs 10/- in the Company will be issued to the shareholders of VCIL for every 5 equity shares of Rs 10/- each held by them in VCIL. Consequent to the above, the Subscribed and Paid-up Equity Share Capital of the Company will increase from Rs 220.37 crores to Rs 260.37 crores.

Source : Equity Bulls

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