Financial Daily from THE HINDU group of publications
Saturday, Mar 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 08, 2003 |
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Corporate
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Mergers & Acquisitions Asahi, Floatglass shareholders meet on March 29 Our Bureau
NEW DELHI, March 7 SHAREHOLDERS and unsecured creditors of Asahi India Glass Ltd (AIGL) are to meet on March 29 to consider approval of the proposed scheme of amalgamation of Floatglass India Ltd (FGI) with the company, according to a top company official. The boards of AIGL and FGI had in January this year approved the amalgamation of FGI with AIGL, subject to requisite statutory approvals. Under the terms of the merger, Asahi India will issue three equity shares of Re 1 each, fully paid-up and four 10 per cent cumulative redeemable preference shares of Rs 10 each, fully paid-up to the shareholders of FGI for every eight equity shares of Rs 10 each, fully paid-up held by them in FGI. The appointed date for the merger is proposed to be April 1, 2002. AIGL currently holds 79.6 per cent equity in FGI, which it had acquired in 2001 consequent to initiatives of Asahi Glass Company (AGC), Japan, to restructure its Indian operations.
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