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Spentex announces merger of Indo Rama Textiles
NEW DELHI:
Spentex Industries has announced the merger of Indo Rama Textiles (IRTL) with it. The merger ratio has been fixed at 10:9, that is, for every 10 shares of Indo Rama Textiles, the shareholder will get nine shares of Spentex. According to a Spentex press release, on May 24, 2006, Spentex had announced the acquisition of 49.03 per cent equity of IRTL, taking Spentex's total stake in the company to 84.02 per cent. Earlier Spentex acquired 14.99 per cent of IRTL's equity through the stock exchange mechanism and 20 per cent through an open offer made by it to shareholders of IRTL. The Delhi High Court has approved the merger. Currently, Spentex Industries has eight plants -- six in India and two in Uzbekistan.
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