According to the terms of the AFL merger proposal put forward by Indal, shareholders having the AFL stock in multiples of 40 would be offered the option to convert holdings into Indal shares. For every 40 shares, they would be eligible to get one Indal scrip. As the exchange price of AFL share has been fixed at Rs 2, AFL shareholders with lots of 40 scrips will gain as the Indal stock has been hovering around Rs 90. But AFL shareholders having less than 40 shares would not be so lucky. They will be offered cash payment against their holdings at Rs 2 for every share. The same buy-back rate will be offered to shareholders who have shares in lots smaller than 40 scrips.
The proposal will be placed before Indal shareholders at the company
