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| Exchange Disseminated Time 21/08/2015 17:20:34 | Visa Steel Ltd has informed BSE that based on the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on August 21, 2015, had considered and approved the proposed Scheme of Amalgamation of VISA BAO Limited with VISA Steel Limited and their respective shareholders (‘the Scheme’) under sections 391 to 394 and other applicable provisions of the Companies Act, 1956 and enabling provisions of the Companies Act, 2013.
The salient features of the scheme are as follows:
a. VISA BAO Limited (VBL) is a joint venture company in which VISA Steel Limited (VSL) holds 65% stake and Baosteel Resources Co. Limited, China (Baosteel) holds 35 % stake.
b. VBL would be amalgamated with VSL effective from April 01, 2015 (“Appointed date”).
c. In consideration of the amalgamation of VBL with VSL, VSL would issue and allot 57,89,500 fully paid up Equity Shares of Rs. 10 each to Baosteel for their entire holding in VBL. No shares shall be allotted in lieu or exchange of VSL’s holding in VBL.
The Scheme is subject to the necessary approval of SEBI, Hon’ble High Court of Orissa and other regulatory authorities as may be applicable. |
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