CCI approves amalgamation of IVRCL Assets with parent company

Shareholders of IVRCL A&H will received five fully paid-up equity shares of Rs 2 each in IVRCL for every six shares of Rs 10 each held on the record date to be fixed as per the listing agreement

The Competition Commission of India (CCI) has approved the proposed amalgamation of IVRCL Assets and Holdings with parent IVRCL and the demerger of its real estate business into a new company.

"Further, the company has informed that approval of the CCI to the aforesaid scheme has been received by way of order under Section 31(1) of the Competition Act, 2002, vide Combination Registration No. C-2011/12/13, dated January 17, 2012," IVRCL said in a filing to the BSE (Bombay Stock Exchange).

IVRCL Assets and Holdings had earlier informed the BSE that the board of directors of the company and IVRCL, at their respective meetings, accorded in-principle consent to pursue the amalgamation, subject to acceptance of a fair share swap ratio and other commercial matters.

The boards have also approved the appointment of legal advisors and merchant bankers to determine the share swap ratio and obtain a fairness opinion thereof.
IVRCL clocked a net profit of Rs 158 crore on a turnover of Rs 5,651 crore during FY11, while IVRCL Assets and Holdings suffered a net loss of Rs 47 crore on income of Rs 683 crore for the same period.

As per the scheme, shareholders of IVRCL A&H will received five fully paid-up equity shares of Rs 2 each in IVRCL for every six shares of Rs 10 each held on the record date to be fixed as per the listing agreement.

At present, IVRCL holds 75.72% of the equity share capital of IVRCL A&H.
Shares of IVRCL and IVRCL A&H closed at Rs52.20 and Rs39.50, respectively, up 4.09% and 3.54%, on the BSE today.

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Alfa Laval announces delisting offer bid opening & closing dates

Alfa Laval has announced an offer price of Rs2,045 and an indicative price of Rs2,850 per share to the shareholders

In September 2011, the board of directors of Alfa Laval (Mcap–5,120 crore) passed a resolution to delist the company’s stock from the exchange. The company has announced an offer price of Rs2,045 and an indicative price of Rs2,850 per share to the investors to exit from the stock and has an estimated consideration Rs417 crore for the bid.

JM Financial Consultants Pvt Ltd is the merchant banker assisting Alfa Laval with the delisting. The opening date for the bid is 15th February and will close on 22nd February.

Alfa Laval is a provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling.
Shares of Alfa Laval closed at Rs2,862.25, up 1.26% on the BSE today.

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NSDL establishes KYC registration agency in Mumbai

To avoid duplication of KYC process, SEBI has prescribed a mechanism for centralization of the KYC records in the securities market

NSDL Database Management Ltd (NDML), a wholly owned subsidiary of National Securities Depository Ltd (NSDL) has established KYC Registration Agency (KRA) pursuant to SEBI KYC Registration Regulations, 2011.

To avoid duplication of KYC process with every intermediary, SEBI has prescribed a mechanism for centralization of the KYC records in the securities market. Establishing KYC Registration Agencies is an important milestone in the development of Indian capital markets as the investor community is expected to greatly benefit from this.  

KYC Registration Agency will maintain KYC records of Investors in physical and electronic form. Earlier, if a client intended to open accounts with different SEBI registered intermediaries such as stock brokers, depository participants etc. for the purpose of trading/investment in the securities market, he had to repeat KYC process with each intermediary.

An intermediary shall perform the initial KYC of its clients and upload the details on the KRA system. When the client approaches another intermediary, that intermediary can verify and download the client’s details from the system of the KRA. As a result, once the client has undergone KYC process with a SEBI registered intermediary, he need not undergo the same process again with another intermediary.

In case of change of KYC details e.g. change of address etc, the investor needs to inform SEBI registered intermediary where he is registered as a client. The intermediary will update the KYC details in KRA system which in turn will communicate these changes to all the intermediaries where this investor is registered as a client.

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