The shareholders of Parry Confectionery Ltd (PCL), part of the Murugappa Group, have unanimously approved the scheme of amalgamation of another Group company, Confectionery Specialities Ltd (CSL) with PCL.
According to the scheme of amalgamation, PCL would take over the plant and machinery belonging to CSL after revaluing it downward at Rs. 5.91 crores.
The net working capital of CSL as on March 31, 2003 stands at Rs 33 lakh. CSL also has deferred tax assets of Rs. 6.17 crores as on March 31, 2003.
The total net assets (revalued) taken over by PCL of Rs 12.42 crores. This would be more than PCL