FMCG firm Jyothy Laboratories (JLL) today said its board has approved the proposal for merger of Henkel India Ltd (HIL) with itself.
The board of directors today approved the amalgamation of Henkel India Ltd with itself, JLL said in a statement.
"As per the scheme of arrangement, shareholders of HIL will get 1 share of JLL for every 8 shares of HIL, subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by JLL. The shares held by JLL in HIL will be extinguished post merger," it added.
The company said after the merger, the equity of JLL will increase by 2.87%.
Commenting on the development JLL Chairman and Managing Director M P Ramachandran said: "We have been integrating operation of both JLL and HIL to derive synergies in cost, marketing and distribution. The merger is one more step towards reaping the benefits of our efforts."
Shares of Jyothy Laboratories today closed at Rs 234.10 on the BSE, down 0.81% from its previous close.
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