Prism Cement board approves amalgamation

Prism Cement board approves amalgamation
Published: 10 August 2009

Prism Cement Ltd has informed that the Board of Directors of the Company at its meeting held on August 08, 2009, inter alia, has accorded in-principle consent to pursue, subject to acceptance of a fair share swap ratio and other commercial matters relating thereto by the Board; receipt of approvals from the Stock exchanges and other requisite statutory and regulatory authorities, the shareholders of the Company, the High Courts of Judicature at Bombay and Andhra Pradesh, the proposal for amalgamation of H & R Johnson (India) Ltd and RMC Readymix (India) Pvt. Ltd. with the Company.

The Board intends to meet again to consider the terms of the proposed amalgamation including the share swap ratio after receipt of the valuation report; the fairness opinion and the draft Scheme of Amalgamation and any other matter as required.