Merger of Indo Gulf with Aditya Birla Nuvo becomes effective
3rd April, 2006
The Scheme of Amalgamation, contemplating the merger of Indo Gulf Fertilisers Limited (IGFL) with Aditya Birla Nuvo Limited (ABNL), has been sanctioned by the High Court of Judicature at Allahabad, Lucknow Bench. Earlier, in January 2006, it was sanctioned by the High Court of Gujarat at Ahmedabad.
Consequently, necessary filings were completed with the respective ROC offices, and the Committee of the Board of Directors of ABNL and the Board of Directors of IGFL in their respective meetings held today have declared the Scheme of Amalgamation effective on Monday, 3 April 2006. The Scheme will become effective with effect from 1 September 2005, which is the Appointed Date.
The Board Committee of ABNL has also fixed Wednesday, the 19 April 2006 as "Record Date" as provided in the Scheme of Amalgamation. Accordingly, the shareholders of IGFL on the "Record Date" shall be entitled to receive 1 (one) Equity Share of Rs. 10 each in ABNL credited as fully paid-up for every 3 (three) fully paid-up equity shares of Rs. 10 each held in IGFL. The paid-up equity share capital of ABNL will stand increased from Rs. 59.89 crore to Rs. 74.92 crore, on issue of Equity Shares to IGFL Shareholders.
IGFL's turnover for the nine months ended 31 December 2005 was Rs. 483.98 crore and the Profit after Tax was Rs. 53.23 crore. The turnover of ABNL for the same period was Rs. 1642.39 crore and the Profit after Tax was Rs. 94.79 crore. The turnover and profitability of erstwhile IGFL from 1 September 2005 will now become part of ABNL, and will be reflected in its accounts accordingly.