Jayaswal Neco Industries Ltd has informed that the Board of Directors of the Company at its meeting held on November 19, 2008, inter alia, has considered and approved subject to necessary approvals of Shareholders, Creditors, Stock Exchanges and other Regularity Bodies and further subject to sanction of the High Court in that behalf 3 separate Schemes of Arrangements as per the following.
1. The Scheme of Arrangement providing for the Merger of Inertia Iron and Steel Industries Pvt. Ltd (IISIPL) with the Company w.e.f. March 31, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible shareholders of IISIPL 64 Equity Shares of Rs 10/- each credited as fully paid for every 10 shares of Rs 10/- each of IISIPL.
2. The Scheme of Arrangement providing for the Demerger of Spong Iron and Power Plants of Abhijeet Infrastructure Ltd (AIL) with the Company w.e.f. April 01, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible shareholders of AIL 257 Equity Shares of Rs 10/- each credited as fully paid for every 1 share of Rs 100/- each of AIL.
3. The Scheme of Arrangement providing for the Demerger of Spong Iron and Power Plant of Corporate Ispat Alloys Ltd (CIAL) with the Company w.e.f. April 01, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible Shareholders of CIAL 3 equity Shares of Rs 10/- each credited as fully paid for every 1 share of Rs 10/- each of CIAL.
On implementation of the Schemes as above the enhanced Equity, Networth and Gross Block of Asset of the Company would be as under:
Equity : Rs 237 Crores
Networth: Rs 600 Crores
Gross Block: Rs 1500 Crore.
1. The Scheme of Arrangement providing for the Merger of Inertia Iron and Steel Industries Pvt. Ltd (IISIPL) with the Company w.e.f. March 31, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible shareholders of IISIPL 64 Equity Shares of Rs 10/- each credited as fully paid for every 10 shares of Rs 10/- each of IISIPL.
2. The Scheme of Arrangement providing for the Demerger of Spong Iron and Power Plants of Abhijeet Infrastructure Ltd (AIL) with the Company w.e.f. April 01, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible shareholders of AIL 257 Equity Shares of Rs 10/- each credited as fully paid for every 1 share of Rs 100/- each of AIL.
3. The Scheme of Arrangement providing for the Demerger of Spong Iron and Power Plant of Corporate Ispat Alloys Ltd (CIAL) with the Company w.e.f. April 01, 2008. The Company shall pursuant to the said Scheme of Arrangement issue and allot to the eligible Shareholders of CIAL 3 equity Shares of Rs 10/- each credited as fully paid for every 1 share of Rs 10/- each of CIAL.
On implementation of the Schemes as above the enhanced Equity, Networth and Gross Block of Asset of the Company would be as under:
Equity : Rs 237 Crores
Networth: Rs 600 Crores
Gross Block: Rs 1500 Crore.
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