IBP Company Ltd has informed BSE that the Ministry of Company Affairs (being the competent authority to approve mergers of Govt. Companies) has vide their Order dated April 30, 2007 sanctioned the Scheme of Amalgamation for merger of the Company (a subsidiary of IndianOil) with Indian Oil Corporation Ltd under Section 391(2) read with Section 394 of the Companies Act, 1956. The Scheme of Amalgamation provides for a swap ratio of 110 : 100 i.e. issue of 110 equity shares of Rs 10/- each of IndianOil (the Transferee Company) as fully paid for every 100 equity shares of Rs 10/- each of the Company (the Transferor Company). The Record Date for this purpose shall be notified shortly by IndianOil.
Consequent upon filing of the Order of Amalgamation with the Registrar of Companies in Mumbai and Kolkata, the Company (Transferor Company) stands dissolved effective May 02, 2007.