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Torrent Cables to amalgamate with Torrent Gujarat Biotech
Monday, 07 April 2008, 00:00 Hrs
Ahmedabad: Torrent Cables, part of the Ahmedabad based 
29 billion Torrent group, will be amalgamated with Torrent Gujarat Biotech.
The amalgamation will be effective from July 1, 2006.
The shareholders of the two companies at meetings April 5 approved the proposal for amalgamation.
The scheme will now be presented to the Gujarat High Court after reorganization and consolidation of the capital structure of Gujarat Biotech Ltd.
This will be achieved by reducing the face value of each equity share of10 of the company to 0.25, thus consolidating 40 shares of 0.25 each into one share of 10.
The scheme also provides for the share exchange ratio of one equity share in Torrent Gujarat Biotech of10 for every equity share of 10 in Torrent Cables. The Torrent Cables shareholders will be allotted new shares after the share consolidation exercise.
The two companies Monday informed the Bombay Stock Exchange about the outcome of the shareholders meeting held Saturday.
The scheme also provides for compromise with creditors of the company by way of settlement of current dues at 0.50 percent, which means the creditors will forgo the balance dues of 99.50 percent.
In spite of repeated efforts, the management could not be reached for more details.
Torrent Cables, set up in 1989, has grown from a turnover of4 million to 1.9 billion.
It manufactures a large Variety of cables up to 66 kV at its facility in Nadiad, about 40 km from here.
Its clients include Alfa Laval India, Bajaj Auto, Bajaj Tempo, Bharat Forge, Cummins India, Infoysis Technologies, Idea Cellular, Shapporji & Pullonji Co, Tata Motors, Thermax, Kinetic Engineering, Sekurit Saint Gobain India and Suzlon Energy.
Source: IANS
29 billion Torrent group, will be amalgamated with Torrent Gujarat Biotech.The amalgamation will be effective from July 1, 2006.
The shareholders of the two companies at meetings April 5 approved the proposal for amalgamation.
The scheme will now be presented to the Gujarat High Court after reorganization and consolidation of the capital structure of Gujarat Biotech Ltd.
This will be achieved by reducing the face value of each equity share of
10 of the company to 0.25, thus consolidating 40 shares of 0.25 each into one share of 10.The scheme also provides for the share exchange ratio of one equity share in Torrent Gujarat Biotech of
10 for every equity share of 10 in Torrent Cables. The Torrent Cables shareholders will be allotted new shares after the share consolidation exercise.The two companies Monday informed the Bombay Stock Exchange about the outcome of the shareholders meeting held Saturday.
The scheme also provides for compromise with creditors of the company by way of settlement of current dues at 0.50 percent, which means the creditors will forgo the balance dues of 99.50 percent.
In spite of repeated efforts, the management could not be reached for more details.
Torrent Cables, set up in 1989, has grown from a turnover of
4 million to 1.9 billion. It manufactures a large Variety of cables up to 66 kV at its facility in Nadiad, about 40 km from here.
Its clients include Alfa Laval India, Bajaj Auto, Bajaj Tempo, Bharat Forge, Cummins India, Infoysis Technologies, Idea Cellular, Shapporji & Pullonji Co, Tata Motors, Thermax, Kinetic Engineering, Sekurit Saint Gobain India and Suzlon Energy.
Source: IANS
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