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Grindwell Norton Ltd Approves Scheme Of Amalgamation


Friday, 19 Apr 2013 05:15am EDT 

Grindwell Norton Ltd announced that based on the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on April 19, 2013, has considered and approved the Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956, envisaging, inter alia, amalgamation of Saint-Gobain Sekurit India Ltd (SGSIL), Saint-Gobain Crystals and Detectors India Ltd (SGCD) and SEPR Refractories India Ltd (SEPR) (collectively Transferor Companies) with Grindwell Norton Ltd (the Company) with the appointed date being April 01, 2013. The share swap ratio for the proposed scheme has been determined as under; One Equity Share of the face value of INR5 each fully paid-up of the Company for every 17 Equity Shares of the face value of INR10, each fully paid-up of SGSIL; 100 Equity Shares of the face value of INR5 each fully paid-up of the Company for every 50 Equity Shares of the face value of INR10 each, fully paid-up of SGCD; 100 Equity Shares of the face value of INR5 each fully paid-up of the Company for every 38 Equity Shares of the face value of INR10 each, fully paid-up of the SEPR. 

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