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| Exchange Disseminated Time | Pondy Oxides & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 18, 2013 in connection with the Demerger of four units of the Company with its wholly Owned Subsidiary Company M/s. POCL Enterprises Limited approved the following:
1. The Board has taken on record, the Valuation Report received from M/s. Nalam Associates, Chartered Accountants, Hyderabad as recommended by the Audit Committee and considered the Share Entitlement Ratio of 0.50:1 recommended by them.
2. The Board has approved the Share Entitlement Ratio of 1 (One) Equity Share of Rs. 10/- each of the Resulting Company credited as fully paid up for every 2 Equity Shares of Rs. 10/- each held by the shareholders of the Demerged Company in line with the recommendation of the Valuer in respect of the above-said demerger subject to the approval of the Scheme by the Hon’ble High Court of Madras/Tribunal. Accordingly, The Resulting Company shall allot in exchange of and not in addition to 1 (One) Equity Share of Rs. 10/- each credited as fully paid up for every 2 Equity Shares of Rs. 10/- each held by the shareholders of the Demerged Company as on the record date as may be determined by the Board.
3. The Board has also taken on record the Fairness Opinion received from Category-I Merchant Banker M/s. Quintessence Enterprises Private Limited, Hyderabad on the Valuation Report.
4. The Board also approved the Scheme of Arrangement for Demerger of four undertakings of the Company to the Wholly Owned Subsidiary company M/s. POCL Enterprises Limited subject to the approval of the Members/Creditor and Hon’ble High Court of Madras w.e.f. April 01, 2013. |
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