Ras Propack Lamipack Ltd has informed BSE that pursuant to the directions of Board for Industrial and Financial Reconstruction (BIFR) the Board of Directors of the Company at its meeting held on May 30, 2011, have considered and approved the Draft Modified Rehabilitation Proposal (DMRP) involving Scheme of Merger of sick industrial company RAS Propack Lamipack Ltd. (RPLL) with Essel Propack Ltd (EPL), Co-Promoter (under the existing Sanctioned Scheme of BIFR for rehabilitation of the said sick company).
In the implementation of the present sanctioned scheme (SS 09) RPLL could not achieve the financial projections as projected in the scheme on its own. The proposal of merger of RPLL with EPL will enable long term revival of [RPLL) as there will be synergy of operations being in same line of business and will also avail the technological, managerial and marketing expertise.
On approval of the DMRP and proposed scheme of merger by BIFR and based on the independent valuation report 10 (Ten) equity shares of face value of Rs. 2/- each of EPL will be allotted for 165 (One hundred sixty five) equity shares of face value of Rs. 10/- each held by the shareholders of RPLL.
The DMRP involving Scheme of Merger and allotment of Equity shares as per aforesaid Share Exchange ratio is subject to sanction of BIFR, and all other necessary approvals, as may be required.
Sensex
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Monday, May 30, 2011
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