Ciba India board approves merger with BASF India

Mumbai, Sep 14: The board of Ciba India Ltd has approved the company's merger with BASF India Ltd, the company said on Monday, Sep 14.

"The board has approved the scheme of amalgamation of Ciba India Ltd and its affiliates, Diamond Dye-Chem Ltd and Ciba Research (India) Pvt Ltd, with BASF India," the company said in a filing to the BSE.

Under the deal, 90 BASF India shares will be given for every 100 Ciba India shares and 18 shares of the acquiring firm will be issued for every 100 Ciba Research shares, the company said.

"The appointed date for this purpose has been fixed as Feb 1, 2010," it added.

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