DMCL

Mumbai, May 8 (UNI) Peninsula Land Limited (PLL), the flagship company of the Ashok Piramal Group, and the Dawn Mills Company Limited (DMCL), have approved their merger to consolidate their real estate businesses under one company The merger was approved by the board of directors of both the companies at a meeting on May five, an official release said today.

N M Raiji and Co, chartered accountants, were appointed as the valuers for this merger exercise and based on their recommendation, the Board has approved an exchange ratio of 1:20--for every one equity share of Rs 50 of DMCL held, the shareholders will be offered 20 equity shares of Rs 10 each of PLL, the release said.

The merger would result into issuance of five million shares of PLL to shareholders of DMCL of Rs 10 each aggregating to Rs five crore.

The current share capital of Peninsula Land Limited, formerly known as Morarjee Realties Limited, is Rs 39.55 crore which, post-merger, will increase to Rs 44.55 crore, the release said.

The Ashok Piramal Group has business interests in real estate, textiles, retail and engineering businesses.

The group currently holds 72.60 per cent in DMCL which was acquired through a combination of share purchase from the erstwhile promoters, the Ruia family (52.60 per cent), and subsequently through an open offer (20 per cent), the release added.

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