Ganesh Housing Board approves Scheme of Amalgamation

Ganesh Housing Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on March 15, 2007, has approved the Scheme of Amalgamation of (1) Ramasagar Infrastructure Pvt Ltd (RIPL) (2) Nachiket Properties Pvt Ltd (NPPL) (3) Manjari (Thaltej) Complex Pvt Ltd (MCPL), (4) Shaharsh Infrastructure Pvt Ltd (SIPL) and (5) Ganesh Infrastructure Pvt Ltd (GIPL) with the Company pursuant to the provisions of Section 391-394 of the Companies Act, 1956.

The Scheme of Amalgamation shall be subject to the necessary approvals and sanction by the Hon'ble High Court of Gujarat at Ahmedabad.

The Company is engaged in construction (of residential, industrial and commercial complexes), real estate development and infrastructure development business.)

The proposed amalgamation is in line with the trends prevailing in the industry and it will enable the Company to achieve scale, size, integration and enhanced financial capability alongwith the flexibility of pursuing future growth plans.

For the amalgamation of five Companies with the Company, October 01, 2006 has been fixed as an appointed date. The work of valuation and recommendation of a fair exchange value was assigned to M/s. Deloitte Haskins & Sells, Chartered Accountants. As per their report of February 27, 2007, the shareholders of RIPL will get 3578 equity shares of the Company for every 100 equity shares held on RIPL, the shareholders of NPPL will get 14531 equity shares of the Company for every 100 equity shares held in NPPL, the shareholders of MCPL will get 2344 equity shares of the Company for every 100 equity shares held in MCPL, the shareholders of SIPL will get 16641 equity shares of the Company for every 100 equity shares held in SIPL and the shareholders of GIPL will get 75594 equity shares of the Company for every 100 equity shares held in GIPL. The Company has appointed M/s. Singhi & Co, Advocate, Solicitor and Notary as legal advisors to the Scheme of Amalgamation.

Transferor companies i.e. RIPL, NPPL, MCPL and SIPL own a total of 14.77 acres of land at prominent places in and around Ahmedabad. GIPL is Setting up IT SEZ on 135 acres of land. GIPL has already received the approval from Central Government for setting up IT SEZ at a prime location in Ahmedabad.

The paid up equity share capital of the Company post amalgamation shall be increased from Rs 20,72,70,800/- to Rs 32,65,58,800/- (including 6,60,000 convertible warrants which shall be converted into 6,60,000 equity shares of Rs 10/- each in May / June 2007).

Source : Equity Bulls

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