The Bombay High Court has sanctioned the scheme of amalgamation of Global Bulk Drugs & Fine Chemicals (GBDFC) with domestic drug major Nicholas Piramal India.
The amalgamation scheme was filed with the Registrar of Companies on February 27, 2003.
Nicholas Piramal has, in accordance with the scheme, allotted 15 lakh 6 per cent non-convertible preference shares of Rs 100, aggregating Rs 15 crore to Nidus Fincome, the sole shareholder of GBDFC.
This is in exchange for the 4.4 crore shares held in GBDFC by the company, which have now been cancelled, the company informed the Bombay Stock Exchange today.
The preference shares shall carry the right to receive non-cumulative preferential dividend of 6 per cent of the amount credited as having been paid up from the appointed date of January 1.
They will be redeemable out of the profits or proceeds of issue of fresh shares or as may be permitted under the Companies Act, 1956 on the expiry of 4 years from the appointed date.
The allotment of the preference shares will be made on March 25. The preference shares will rank for dividend in priority to the equity shares of the company.
