Balrampur Chini Mills Ltd said the Board for Industrial and Financial Reconstruction (BIFR) has sanctioned the merger of Indo Gulf Industries Ltd’s sugar division with the company.
Indo Gulf Industries will demerge its sugar division located in Uttar Pradesh before merging it with Balrampur Chini. Post restructuring, Indo Gulf Industries will get one equity share of Re1 of Balrampur Chini for every 100 equity shares.
On Wednesday, Balrampur Chini shares declined 2.1% to Rs79 on the Bombay Stock Exchange, while the Sensex closed 0.6% higher at 17,977 points.
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