Process begins for SPSL, ADCPL amalgamation

Mumbai, Mar 28: Shree Precoated Steels Ltd (SPSL), a flagship company of Ajmera Group which deals in galvanised and cold rolled coils, today said that it has submitted the scheme of amalgamation with Anik Development Corporation Pvt Ltd (ADCPL), in the high court here for its approval after obtaining NOC from both BSE and NSE where it is already listed.

The consideration given to the existing shareholders of ADCPL would be through issue of 4.16 crore equity shares face value of Rs 10 of SPSL which has been arrived at ratio of five equity shares of SPSL for every six equity shares of ADCPL.

Briefing the media about it here today, the MD of SPSL, R S Ajmera, said ''The main reason for the amalgamation is is to start corporatising the real estate business of Ajmera group and unlock the value of the same to the stakeholders of the company.'' ''Our company's holding in the SPSL currently is 70 per cent,'' he added. Through amalgamation SPSL will get an integration of real estate business of ADCPL. The profits derived from the Bhakti Park project at wadfala wuill be added in the SPSL's profit. SPSL is a part of USD 450 million Ajmera Group of companies, which is the third largest real estate group in the country having its presence in cities like Mumbai, Bangalore, Pune, Surat, Rajkot, and Ahmedabad, he said.

Later talking to sources on the sidelines of the media briefing, Mr Ajmera welcomed the SEBI's move to ask the listed real estate companies of disclosing their properties to the investors in the stock market. He said that it will make the real estate market more transparent.

UNI