McLeod, Moran Tea merger at 4:1
The boards of directors of both McLeod Russel India Ltd and Moran Tea Company (India) Ltd at meetings here on Tuesday approved the ratio at which the shares will be swapped following the earlier decision on amalgamation of Moran Tea with McLeod Russel. The shareholders of Moran Tea will get four equity shares of McLeod Russel of Rs 5 each paid-up for each Moran Tea share of Rs 10 paid-up held. The swap ratio was finalised as per recommendations of the ICICI Securities and L.B. Jha & Company, the chartered accountant. The scheme of amalgamation will now be placed before Kolkata High Court for approval.
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