Bhandari Hosiery Exports Limited: Merger scheme revised

21 December 2021, Mumbai:

The Board of Directors of Bhandari Hosiery Exports Limited in their duly convened meeting held today i.e. Tuesday the 21st Day of December, 2021 has discussed and approved the proposal for revised scheme of Merger of Tikani Exports Limited ('Transferor Company'), with and into Bhandari Hosiery Exports Limited ('the Company' or 'Transferee Company') and their Shareholders and Creditors, under Sections 230 to 234 of the Companies Act, 2013 and other provisions of the Companies Act 2013 (including any statutory modification or re-enactment or amendment thereof) as per the terms and conditions mentioned in the Scheme of Merger placed before the Board.

Further we inform that previously filed scheme was revised due to changes in fresh valuation report given by registered valuer and Merchant Banker. Bhandari Hosiery Exports Limited (the Transferee Company) is engaged in fabric dyeing, fabric processing, fabric knitting and the manufacturing of garments and fabrics. Tikani Exports Limited (the Transferor Company) is engaged in fabric dyeing and manufacturing of garments.

The consolidation of entities with similar functions, would result in, operational and administrative efficiencies, optimum utilisation of infrastructure facilities and available resources, reduction in costs by focused operational efforts, rationalization, standardization, simplification of business processes and elimination of duplication of managerial efforts.

Upon the Scheme of Amalgamation becoming effective, based on the Valuation Report issued by independent IBBI registered Valuer and share exchange ratio recommended therein, all the equity shareholders of the Tikani Exports Limited (Transferor Company) will be allotted equity shares in Bhandari Hosiery Exports Limited (Transferee Company) in the ratio of 1.7684623 equity shares (having face value of Rs. 1/- each) in Bhandari Hosiery exports Limited for one equity share (having face value of Rs. 10/- each) of Tikani Exports Limited Bhandari Hosiery Exports Limited.

Shares of Bhandari Hosiery Exports Limited was last trading in BSE at Rs. 8.05 as compared to the previous close of Rs. 8.47. The total number of shares traded during the day was 701665 in over 489 trades.

The stock hit an intraday high of Rs. 8.75 and intraday low of 8.05. The net turnover during the day was Rs. 5751057.00.

EQUITY BULLS (The news article has not been edited by DFU Publications staff)

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