FCGL hits roof on merger nod with Guj NRE Coke

DALAL STREET SPIKES

FCGL Industries hit the roof by gaining 10 per cent on the BSE, following the announcement that the company's board of directors have approved the merger of the company with Gujarat NRE Coke.

The share-swap ratio was decided in the ratio of one equity share of Gujarat NRE Coke for every one equity share of the company. It is based on the ruling market prices of both the scrips.

An equity share of Gujarat NRE Coke, for each equity share held in FCGL Industries, seems lucrative for the shareholders of FCGL Industries. The stock closed at Rs 88.15, compared to Rs 80.15 on the BSE.