New Delhi: Godrej Industries on Tuesday said its board will meet later this week to consider merger of promoter group firm Vora Soaps with the company.
“A meeting of board of directors will be held on 14 December to consider and approve the scheme of amalgamation of Vora Soaps (VSL) with Godrej Industries and their respective shareholders,” Godrej Industries said in a BSE filing.
It further said: “VSL holds 57.66% of the equity capital of Godrej Industries which will get cancelled pursuant to amalgamation and shareholders of VSL will be allotted 57.66% of the equity capital of Godrej Industries”.
Godrej Industries said the proposed amalgamation will result in reducing one layer of the company in the holding structure and enhance flexibility for its listed subsidiaries — Godrej Properties, Godrej Agrovet — to incorporate/acquire new subsidiaries.
Godrej Industries shares closed today at Rs589.05, down 1.46% on BSE.