Elgi Rubber Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 23, 2010, inter alia, have approved a scheme of amalgamation and arrangement between the Company, Treadsdirect Limited, Elgi Rubber International Limited and their respective subsidiaries, subject to statutory approvals. The appointed date for the scheme would be April 01, 2010.
The swap ratio as recommended by the Valuers and approved by the Board of Directors is Allotment of one (1) share of Re. 1 each in the amalgamated Company (Elgi Rubber International Limited) in lieu of every five (5) shares of Re. 1/- each held in the Company.