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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 March 18, 2011, inter alia, approved the following:
1. Valuation Report submitted by M/s. Sarathy & Balu, Chartered Accountants for the purpose of deciding exchange ratio with regard to proposal of merger of M/s. Lohia Metals Pvt. Ltd with the Company, has been adopted by the Board.
2. Board taking into account the Valuation Report submitted by the Chartered Accountant, approved the exchange ratio of 1:2.50 i.e. M/s. Pondy Oxides & Chemicals Ltd. will allot 2.50 equity shares of face value of 10/- each for every one equity share of face value of 10/- each held in M/s. Lohia Metals Pvt Ltd. and authorized the Company officials to file necessary papers with various agencies to get their approval.
3. Board adopted the merger scheme and authorized the Managing Director to take further action in this regard. |
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