Titagarh Wagons Ltd today announced that the exchange ratio for the amalgamation of Titagarh Steel with the company had been fixed at 1:36.
The company informed the stock exchanges that the board of directors has approved that shareholders of Titagarh Steels would be allotted one share of Titagarh Wagon for every 36 shares held.
The board also provided for the merger of Titagarh Biotech Pvt Ltd (TBPL), a wholly-owned subsidiary, with itself and all shares held by the company in the share capital of TBPL would stand cancelled. No allotment of any new shares would be made in lieu of them, it said.
Titagarh Wagons has seen around 3.78 per cent drop in FII holding in its equity in the fourth quarter ended March 31, 2009, as compared to the previous quarter.
However, holdings of five overseas investors GE Capital International, 2i Capital PCC, Goya, Strategic Ventures Fund of Mauritius remain unchanged.
Source: Business-Standard