Spentex merges Indo Rama Textiles with itself

New Delhi, Jan 8: Spentex Industries Ltd (SIL) has announced the merger of Indo Rama Textiles with itself at a ratio of 10:9.

For every 10 shares of Indo Rama Textiles Ltd (IRTL), the shareholder will get nine shares of SIL.

Following approval by the Delhi High Court, the appointed date of the merger has been fixed as April 1, 2006 and accordingly the entire business and whole of undertaking of IRTL shall be merged with the company, a statement said here today.

SIL acquired 49.03 per cent equity of Indo Rama last year taking its's total stake in the company to 84.02 per cent.

This follows Spentex's acquisition of 14.99 per cent of IRTL's equity through stock exchange mechanism and 20 per cent through open offer made by it to shareholders of IRTL.

UNI