Board of Oricon Enterprises approves scheme of amalgamation

At meeting held on 27 October 2017

The Board of Oricon Enterprises at its meeting held on 27 October 2017 approved the following -

Scheme of amalgamation of Oriental Containers and Shinrai Auto Services, the two wholly owned subsidiaries of the Company with Oricon Enterprises.

Accorded its approval to transfer by its subsidiary, Oriental Containers of its closures business to Oricon Packaging, a subsidiary of Oriental Containers on slump exchange basis and Oriental Containers to be issued 49,50,000 equity shares each having a face value of Rs 10 by Oricon Packaging for transfer by Oriental Containers of its closures business.

Accorded its approval, to sell 51% of the equity shares of Oricon Packaging by Oriental Containers to Pelliconi & C.S.P.A, a company incorporated in Italy or its nominee (Pelliconi) after transfer of the closures business to OPL and fulfilment of agreed conditions, at an enterprise value of Oricon Packaging of Rs 419.40 crore.

Accorded its approval to the draft business transfer agreement to give effect to the transfer of the closures business to Oricon Packaging on a 'slump exchange' basis to be executed between the Company, Oriental Containers , Oricon Packaging and Pelliconi.

Accorded its approval to the draft sale and purchase agreement and other agreements to be executed between the company, Oriental Containers , Oricon Packaging and Pelliconi.

Powered by Capital Market - Live News