Kolkata-based, Century Plyboards India (CPIL) has bought Chennai-based Sharon Plywoods and Karnal-based Century Panels in an all-share transaction on a High Court order.
Through this deal, the company will get control of Sharon Veneers Pvt Ltd (SVPL) and Sharon Wood Industries Pvt Ltd (SWIPL), which were merged on April 1.
Century Plyboards (India) Limited engages in the manufacture, sale, and export of plywood and veneer in India. The company markets its products under the ‘Centuryply’ brand name. The move is in line with the Century Plyboards’ plans to expand its product line and move into new markets.
Under the deal, shareholders of SVPL will get 100 shares of CPIL for every 61 shares of SVPL and shareholders of SWIPL will get 100 shares of CPIL for every 19 shares of SWIPL.
Those having preference shares in SWIPL will get one preference share of Rs 100 each or ten preference shares of Rs 10 each of CPIL for every SWIPL share of Rs 100.
The record date for completion of the mergers has been fixed for May 2.
Source: Top News