LKP Merchant announces swap ratio for amalgamation

LKP Merchant Financing Ltd has announced that the Board of Directors of the Company at its meeting held on March 21, 2007, inter alia, has transacted the following:

1. Valuation Report of M/s. Haribhakti MRI Corporate Services Pvt Ltd

The Board of Directors of the Company approved and accepted the Valuation Report dated March 19, 2007 prepared by M/s. Haribhakti MRI Corporate Services Pvt Ltd, for the proposed Amalgamation of LKP Shares and Securities Ltd into LKP Securities Ltd (a Wholly Owned Subsidiary of the Company), in order to consolidate and merge the braking operations of the both entities. The details of the swap ratio (as contained in the Valuation Report) in relation to the said amalgamation is as follows:

- 1 Equity Shares of LKP Securities Ltd (Transferee Company) for every 2 Equity Shares of LKP Shares and Securities Ltd (Transferor Company).

2. Amalgamation of LKP Shares and Securities Ltd into LKP Securities Ltd (a wholly owned subsidiary Company).

Subject to the consent of concerned regulatory authorities, the Board of Directors of the Company has approved the Amalgamation of LKP Shares and Securities Ltd, into LKP Securities Ltd (a wholly owned subsidiary Company) in terms of Sections 391-394 and other applicable provisions of the Companies Act, 1956 with effect from April 01, 2006 subject to requisite approval of the members and the creditors of said LKP Securities Ltd and in this regard approved the Scheme of Amalgamation to be filed with the Hon'ble High Court of Judicature at Bombay.

Source : Equity Bulls

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