Gulshan Polyols Ltd has informed that the Board of Directors of the Company at its meeting held on February 14, 2008, has considered the proposal for corporate restructuring involving merger / amalgamation and other related matters. The Board of Directors unanimously approved a proposal for amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd subject to the approval of shareholders, High Court, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations.
Gulshan Polyols Ltd and Gulshan Sugars & Chemicals Ltd both jointly had appointed M/s. Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:
The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd to the shareholders of Gulshan Sugars & Chemicals Ltd as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.
The Board of Gulshan Polyols Ltd have accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc. The Board has also agreed to meet again to approve a draft amalgamation / merger scheme of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd which would be sent for approval before filling to Honble High Courts.
Gulshan Polyols Ltd and Gulshan Sugars & Chemicals Ltd both jointly had appointed M/s. Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:
The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd to the shareholders of Gulshan Sugars & Chemicals Ltd as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.
The Board of Gulshan Polyols Ltd have accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc. The Board has also agreed to meet again to approve a draft amalgamation / merger scheme of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd which would be sent for approval before filling to Honble High Courts.
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