Shares of Mahindra Forgings were down 0.47% at Rs 234.95 after the board approved the scheme of amalgamation envisaging the merger of the Mahindra Stokes Holding Company Ltd, Mahindra Forgings Overseas Ltd and Mahindra Forgings Mauritius Ltd with the company with effect from April 01.
The Board has also accepted the share swap ratio recommended for the scheme. The company will issue 20 equity shares of Rs 10 each to the equity shareholders of MSHCL, MFOL and MFML.
The shares will be allotted at par for every 103 equity shares of Rs 10 each in MSHCL, 49 equity shares of €1 each in MFOL and 73 equity shares of €1 each in MFML.
Once the scheme comes into effect, the resulting shareholding of Mahindra & Mahindra Ltd is expected to be around 60.56%.
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