Innovative Marine to reduce share capital, merge Amalgam Foods with the company

Innovative Marine Foods Ltd has announced that pursuant to the BIFR Order dated December 08, 2006 the Share capital of the Company will be reduced by 90% i.e. shareholders holding 100 shares of face value of Rs 10/- will be issued 10 shares of face value of Rs 10/- and an associate Company Amalgam Foods and Beverages Ltd (AFBL) will be merged with the Company. The swap ratio is 1:1 i.e. for each share of AFBL one share of the Company will be allotted.

The stock was trading up 4.90% at Rs.6.64 compared to its previous close of Rs.6.33. The stock was locked at the upper circuit with pending buy orders for 15744 shares at Rs.6.64. The stock had hit an intraday low of Rs.6.02 and high of Rs.6.64. 32509 shares traded at a weighted average price of Rs.6.23.

Source : Equity Bulls

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