Board of Directors of Peninsula Land Limited (Formerly known as Morarjee Realties Limited) approve the Merger with The Dawn Mills Company Limited
Mumbai, May 8, 2006: The Board of Directors of Peninsula Land Limited (PLL) the flagship company of The Ashok Piramal Group and The Dawn Mills Company Limited (DMCL) approved the merger of DMCL with PLL at their meeting held on 5th May 2006.
The Ashok Piramal Group has business interest in Real Estate, Textiles, Retail and Engineering businesses. The Group currently holds 72.60% in DMCL which was acquired through a combination of Share Purchase from the erstwhile promoters the Ruia family (52.60%) and subsequently through an Open Offer (20.00%).
With an intention to consolidate all its real estate business under one Company, the Board of Directors of PLL and DMCL approved the merger of DMCL with PLL today at their meeting.
N.M Raiji & Co Chartered Accountants were appointed as the valuers for this merger exercise. Based on their recommendation the Board of Directors have approved an exchange ratio of 1: 20 i.e for every 1 (one) equity share of Rs.50/- of DMCL held the shareholders will be offered 20 (Twenty) equity shares of Rs.10/- each Peninsula Land Limited (formerly known as Morarjee Realties Limited).
The above would result into issuance of 5.00 Million shares of PLL to shareholders of DMCL of Rs.10/- each aggregating to Rs. 50.0 million. The current share capital of Peninsula Land Limited is Rs. 395.5 million post merger will increase to Rs. 445.5 million The post merger capital and shareholding of Peninsula Land Limited will be as under
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