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| Exchange Disseminated Time 06/02/2016 16:49:36 | Nitin Alloys Global Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 06, 2016, has following decisions were taken:
1. Consideration and approval of the Scheme of Arrangement between Nitin Castings Private Limited (“NCPL” or “the Demerged Company”) and Nitin Alloys Global Limited (“NAGL” or “the Resulting Company”) and their respective Shareholders (“Scheme” or “the Scheme”), for demerger of Casting Business Undertaking of NCPL, on a going concern basis and vesting of the same into NAGL.
2. In consideration for the demerger, in terms of the Scheme of Arrangement and based on the share exchange ratio recommended by the Independent Chartered Accountant, M/s SSPA & Co. and Fairness Opinion provided by Saffron Capital Advisors Private Limited, Independent Category-I Merchant Banker, the Company will issue 10 (Ten) fully paid up Equity Share of Rs. 10 (Rupees Ten) each for every 27 (Twenty Seven) fully paid up equity shares of Rs. 10 (Rupees Ten) each held in NCPL”.
The Scheme of Arrangement is subject to approval of the SEBI, Stock Exchange(s), Hon'ble High Court of Judicature at Bombay, the Shareholders / Creditors of the Company and NCPL, as may be directed by the Hon'ble High Court of Judicature at Bombay. |
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