The Hindu : Business : JVSL board approves mergers

Online edition of India's National Newspaper
Tuesday, May 10, 2005

Business

Business

JVSL board approves mergers

Staff Correspondent

MUMBAI: The board of directors of Jindal Vijayanagar Steel Ltd. (JVSL) on Monday approved the acquisition of Euro Coke and Energy Pvt. Ltd., Euro Ikon Iron and Steel Pvt. Ltd. and JSW Power Ltd. through a merger with the company. The date of merger has been fixed as April 1.

As per the scheme of amalgamation, the shareholders of Euro Ikon will be allotted one equity share of JVSL of Rs. 10 each for 16 equity shares of Rs. 10 each held in Euro Ikon. The shareholders of Euro Coke will get one equity share of JVSL of Rs. 10 each for 19 equity shares of Rs. 10 each held in Euro Coke and the shareholders of JPL will received one equity share of JVSL for 25 equity shares of Rs. 10 each held in JPL.

The scheme is subject to approval of the shareholders, lenders, creditors of the company, Euro Ikon, Euro Coke and JPL and the Bombay High Court. After implementation of the scheme, JVSL's aggregate equity capital will go up by about Rs. 18 crores.

Anthony Paul Pedder, former Chief Executive of Corus plc, was inducted into the board last month. On Monday Vijay Kelkar, ex-finance secretary, Union Government, and Sudipto Sarkar, a practicing senior advocate, were inducted as additional directors on the JVSL board.

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