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| Exchange Disseminated Time | Steel Authority of India Ltd has informed BSE that the Ministry of Corporate Affairs has by its order dated June
10, 2011 sanctioned the scheme of amalgamation between Maharashtra Elektrosmelt Limited ("MEL") and Steel Authority of India Limited ("SAIL") under Sections 391 to 394 of the Companies Act, 1956 ("Scheme"). The Scheme has become effective from July 13, 2011.
Pursuant to the Scheme, the equity shareholders of MEL will be entitled to receive shares of SAIL in the following exchange ratio:
1 fully paid-up equity share of Rs. 10 each of SAIL for every 1.7 fully paid-up equity share of face value of Rs. 10 each held by the equity shareholders of MEL.
In terms of Clause 4.2.4 of the Scheme, the Board of Directors of SAIL in its meeting held on July 29, 2011 has fixed August 10, 2011 as the 'Record Date' for determining the names of the shareholders of MEL who will be entitled to be issued and allotted equity shares of SAIL as per the above exchange ratio. |
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