BPIPL, GGHPL to amalgamate with GVKPI

New Delhi, Jan 29 (UNI) GVK Power&Infrastructure (GVKPI) today announced Bowstring Projects&Investments Pvt Ltd (BPIPL) and Green Garden Horticulture Pvt Ltd (GGHPL) will be amalgamated into the company.

Under the proposed scheme of amalgamation, as approved by the company's board, the merger will be effective, retrospectively, from April 1, 2006 or such other date as may be mutually agreed by the board of BPIPL and GGHPL and the company.

GVKPI, subject to requisite approvals, will issue 133 equity shares in the company for every four equity shares held by the members of BPIPL. The shareholders of GGHPL will get 153 equity shares in GVKPI for every four equity shares held by them.

The company's board also approved the proposal to issue equity shares in GVKPI to members of GVK Industries Ltd (GVKIL), other than the company itself, in consideration for the transfer of their equity shares to the company.

''This scheme will be conditional upon the coming into effect of the scheme of amalgamation between BPIPL, GGHPL and the company and issue of equity shares in the company to the respective members of BPIPL and GGHPL,'' GVKPI said in a statement.

GVKPI holds 53.96 per cent in GVKIL.

The company will issue three equity shares for every 40 equity shares held by the members in GVKIL, it added.

UNI