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Elgi Rubber merges with Treadsdirect

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The board of Coimbatore-based Ltd has approved proposals to amalgamate the company with Ltd with effect from April 1, 2010.

The company said on Monday that it plans to restructure the company's business through a composite scheme of arrangement and amalgamation with the latter company to form Elgi Rubber International Limited, which is to be eventually listed on the National Stock Exchange.

The board also approved de-merging certain divisions of Treadsdirect Ltd to Treadsdirect (India) Limited, which would operate as a wholly-owned subsidiary company of Elgi Rubber International Limited.

It has constituted a committee of directors, the Amalgamation and Restructuring Committee, to determine the swap/share entitlements and to finalise and approve the composite scheme of arrangement and amalgamation.

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