Agrochemicals firm Excel Crop Care today said its board has approved a proposal to merge the company with Sumitomo Chemical India.
The scheme of amalgamation will be subject to approval by the National Company Law Tribunal and other regulators, the company said in a regulatory filing.
The board approved the scheme in a meeting held today.
Pursuant to the scheme, the existing equity shareholding of Sumitomo Chemical India (transferee company) in Excel Crop Care (transferor company) will get cancelled.
The other equity shareholders of the transferor company will receive 51 equity shares of the transferee company for every two equity shares held.
The scheme shall be effective from April 1, 2018 or such other date as may be approved by NCLT and/or the regulatory authorities, the filing said.
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