Peninsula Land to merge Dawn Mills with itself

In a notice to the Bombay Stock Exchange, Morarjee Realties, which was renamed Peninsula Land Management in 2005, has informed the exchange that the board of directors of the company has approved the amalgamation of Dawn Mills with itself.

Under the amalgamation scheme, 20 shares of Rs 10 each of the Peninsula Land would be issued to the shareholders of Dawn Mills for every share of Rs 50. The amalgamation would be effective from July 1, 2005.

The company also informed the stock exchange that Ajay Piramal, chairman of the Piramal group, has resigned from the board of directors and the board has appointed Urvi Pirmal as the executive chairperson of the company. Urvi is Piramal's sister-in-law.

A restructuring of the group's businesses in 2005 resulted in a merger of the group's real estate business, Morarjee Realties and Piramal Holdings, to form Peninsula Land Management Company.

In the restructuring Rajeev Piramal, Urvi Piramal's son, was given charge of the company's real estate business and was designated managing director of the company.

Dawn Mills is redeveloping its mill land in Mumbai's Lower Parel area with 5 lakh sq ft of saleable area, which is likely to be developed as commercial office space. The Morarjee Realties stock opened on the BSE at Rs 898.80 and closed at Rs 898.75, after touching a day's high of Rs 934.