Phoenix Lamps, Suprajit Engineering up 10-12% on merger approval by NCLT

Share price of Phoenix Lamps and Suprajit Engineering gained 11.4 percent and 10 percent respectively intraday Thursday on the back merger approval by NCLT.

Hon'ble National Company Law Tribunal (NCLT), Bengaluru Bench has approved the scheme of amalgamation of Phoenix Lamps with its holding company, Suprajit Engineering.

The company will take further steps to give effect to the sanctioned scheme in order to complete the process of the said amalgamation and shall intimate to the stock exchanges wherever necessary.

The board of Suprajit, later in April 2016, had approved the merger of Phoenix Lamps with Suprajit. Based on the valuations, Suprajit offered four shares for every five shares held by shareholders in Phoenix, which works out to a share swap ratio of 1:0.8.

Suprajit Engineering was up 39 percent and Phoenix Lamps was up 54.5 percent in last one year.

At 10:50 hrs Phoenix Lamps was quoting at Rs 221.10, up 8.97 percent and Suprajit Engineering was quoting at Rs 285, up 3.52 percent on the BSE.

Posted by Rakesh Patil