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Fertiliser maker Coromandel International has announced merger of its two subsidiaries Liberty Phosphate Ltd and Liberty Urvarak Ltd with the parent company through a scheme of arrangement, subject to approval of the stock exchanges, shareholders and creditors.
Shareholders of Liberty Phosphate will be issued shares in Coromandel in the ratio of seven shares of Re 1 each of Coromandel for every eight equity shares of Rs 10 each of Liberty Phosphate. The shares held by Coromandel and Liberty Urvarak in Liberty Phosphate shall get extinguished.
Coromandel and Liberty Urvarak hold 79 per cent stake in Liberty Phosphate, the company said in a communication to the BSE.
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