Merger of Birla Global Finance Limited with Aditya Birla Nuvo Limited becomes effective
30th June, 2006
The Scheme of Amalgamation, contemplating the merger of Birla Global Finance Limited (BGFL) with Aditya Birla Nuvo Limited (ABNL), has been sanctioned by the High Court of Gujarat at Ahmedabad. Earlier, in January 2006, it was sanctioned by the High Court of Judicature at Bombay.
Consequently, necessary filings were completed with the respective ROC offices, and the Committee of the Board of Directors of ABNL in its meeting held today has declared the Scheme of Amalgamation effective on Friday, 30 June 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 Monday, 17 July 2006 as the Record Date as provided in the Scheme of Amalgamation. Accordingly, the shareholders of BGFL 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 BGFL. The paid-up equity share capital of ABNL will stand increased from Rs. 74.92 crore to Rs. 83.50 crore, on issue of equity shares to BGFL shareholders.
The Board of Directors of ABNL is meeting on 3 July 2006 inter alia, to consider recasted accounts on merger of BGFL with ABNL.