Mawana Sugars will be suspended after trading on October 23 on amalgamation with Siel.
The company has informed BSE that October 31, 2007 has been fixed as the record date for the purpose of determining the entitlement of the shareholders of Mawana Sugars.
In case of Mawana Sugars' shareholders
The shareholders of Mawana Sugars will be entitled to receive in the ratio of three equity shares of Rs 10 each fully paid up of Siel for every two equity shares of Rs 10 each fully paid up held in Mawana Sugars.
Post reduction of share capital of Siel as provided in the Scheme of Arrangement for Amalgamation and Reduction of Share Capital, the shareholders of Mawana Sugars shall receive in the ratio of one equity share of Rs 10 each fully paid up of Siel for every two equity shares of Rs 10 each fully paid up held in Mawana Sugars.
Upon the Scheme coming into effect, the existing issued, subscribed and paid up share capital of the Siel shall be reduced from Rs 73,95,08,081 comprising of 7,39,50,808 equity shares of Rs 10 each fully paid up to Rs 24,63,86,251 comprising of 2,46,38,625 equity shares of Rs 10 each as fully paid up.
Consequent upon such reduction in equity share Capital of Siel, the shareholders of Siel shall receive in the ratio of one equity share of Rs 10 each fully paid up of Siel for every three equity shares of Rs 10 each fully paid up held.
