Nerolac Paints merges with Polycoat Powders
Mumbai, Apr 19 (UNI) The board of directors of Goodlass Nerolac Paints today approved the merger of the company with Polycoat Powerds (PPL) subject to statutory approvals.
The merger envisages issue of 461 shares of Nerolac Paints for every 1,000 shares of PPL of the common face value of Rs 10, the company informed the BSE, adding share exchange ratio was determined by KPMG India, who have also been appointed as consultants to the merger.
The board has gave its nod for changing of name of the company to '' Kansai Nerolac Paints Ltd subject to the approval of the shareholders and the statutory authorities, the release added.
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