Mumbai, 13 Mar, 2015: Aarti Industries Limited, a leading manufacturer and exporter of chemicals and pharmaceuticals, has received approval from shareholders of Anushakti Holdings Ltd (AHL) and Anushakti Chemical and Drugs Ltd (ACDL) for the scheme of amalgamation.
Shareholders of AHL & ACDL have approved the said Scheme unanimously by requisite majority at the court convened Meetings held on 9th March, 2015. All the Shareholders of Gogri & Sons Investments Private Limited (GSIPL) and Alchemie Leasing and Financing Private Limited (ALFPL) had given their consents/approval for the Scheme earlier.
Under the said Scheme, GSIPL, ALFPL, AHL and ACDL (Transferor Companies) would be amalgamated with Aarti Industries Limited.
Necessary Petitions are being filed for confirmation of the said Scheme of Amalgamation in the High Courts of Gujarat at Ahmedabad and of Bombay. The said Scheme is expected to be operational after obtaining requisite High Court orders and completion of process related thereto within next 4-5 months.
Upon the Scheme becoming effective, the paid up share capital of the Company, based on shareholding pattern as on 06/03/2015, is expected to be reduced by about 5.95% resulting in 83.32 million equity shares of Rs. 5/- each fully paid up. This would result in increased shareholder value in the long term.
“ The merger is aimed at simplification and rationalisation of the promoters’ shareholding and would also result in increase in public float of shares. Further, merger will also result in elimination of associate companies and would make the shareholding structure more transparent and investor friendly,” said Mr. Rajendra Gogri, Chairman and Managing Director, Aarti Industries Ltd.
Anushakti is an associate company of Aarti, with Aarti holding 49.6% equity stake in Anushakti. It is mainly engaged into manufacturing of various speciality chemicals with applications into end-user segments of performance chemicals, agrochemicals and pharmaceuticals.
The company has its manufacturing units at in Gujarat and Maharashtra & a pharma R&D centre in Maharashtra.