GNFC-NCPL decides to merge

Ahmedabad, Mar 1 (UNI) Gujarat Narmada Valley Fertilizers today said the merger of Narmada Chematur Petrochemicals Ltd (NCPL) with it has been approved at a meeting of both their boards.

The decision was taken at a meeting last evening, the company said in a statement.

NCPL, a subsidiary of GNFC in which the latter holds 56.45 per cent shares. Consequently the shares of NCPL held by GNFC will be cancelled and share capital of GNFC will marginally increase, the statement added.

The exchange ratio approved by the Boards is of one GNFC share for every three shares of NCPL, it said.

UNI MMG MJ AG2003