PRESS RELEASES
|
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
|
Details |
Pre
Merger |
Effective
Post Merger |
Share
Capital in Rs. Crores |
39.55 |
44.55 |
Share
holding Pattern
Promoters
Banks/FII/MF
Public |
73.2%
7.4%
19.4% |
73.1%
6.6%
20.3% |
|
|
Previous I Next |
|
Back to Archives |
Back to Top |
|
|
|
View
our collection of our news articles and company events.
|
Our archive provides you with information on all our company news, press releases and events. |
|
|