Penna Cement Industries merges its wholly owned subsidiary with itself

Appointed date of merger is 01 October 2014

Penna Cement Industries announced that the Company is engaged in the business of manufacture and sale of cement and power generation. The Company is having wholly owned Subsidiary in the name of Sriba Industtries engaged in the business of gas based power generation with an installed capacity of 31 MW situated at Krishna District of Andhra Pradesh. Sriba Industtries is having Fuel Supply Agreement with Oil and Natural Gas Corporation.

Keeping in view of the synergies and better management control, it has been decided by the Board of Directors of the Company to merge its wholly owned Subsidiary with itself.

Accordingly, the integration, consolidation, amalgamation of Sriba Industtries (Transferor Company), wholly owned subsidiary with Penna Cement Industries (Transferee Company). The Board has decided to put 01 October 2014 as Appointed Date.

The Company stands benefited in various ways after the Merger which was considered by the Board of Directors in their meeting approving the Scheme of Merger.

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