GEE - Outcome of Board Meeting
GEE Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 05, 2008, after considering due diligence findings and valuation report dated March 03, 2008 of Ford Rhodes Parks & Co., Mumbai, Chartered Accountants have approved (subject to necessary approvals) the swap ratio for amalgamation of Ferroseal India Pvt Ltd, Filarc Eng. Pvt Ltd & Sagar Merchandise Pvt Ltd with the GEE Ltd as under:
1. For Every 14.70 Equity Shares of Ferroseal India Pvt Ltd of Rs 10 each, 5 Equity Shares of GEE Ltd of Rs 2 each.
2. For Every 14 Equity Shares of Filarc Eng. Pvt Ltd of Rs 10 each, 5 Equity Shares of GEE Ltd of Rs 2 each.
3. For Every 7.37 Equity Shares of Sagar Merchandise Pvt Ltd of Rs 10 each, 5 Equity Shares of GEE Ltd of Rs 2 each.
In the result on approval of scheme by Hon’ble Court and other regulatory authorities the
Company shall allot 3,40,135 Equity Shares to the shareholders of Ferroseal India Pvt
Ltd, 3,57,145 Equity Shares to the share holders of Filarc Eng Pvt Ltd and 2,03,530
Equity Shares to the shareholder of Sagar Merchandise Pvt Ltd. As such the Company’s
equity shall increase by 9,00,810 Equity Shares of Rs 2 each.
The Board has further approved the draft scheme of amalgamation.
Tags: GEE