HLL, Vasishti to merge, ratio fixed at 1:10

The board of directors of Hindustan Lever (HLL), which met today, approved a proposal for the amalgamation of Vasishti Detergents with the company with effect from July 1, 2005.

According to a release issued by HLL to the BSE today, the board also approved a merger ratio of 1:10 i.e one share of HLL for every 10 shares of Vasishti Detergents.

"Steps are now being taken to obtain the approval of the shareholders and the Hon'ble High Court of Judicature at Bombay for the scheme of amalgamation," the release added.