Jindal Vijayanagar to buy 3 group firms

The board of directors of Jindal Vijayanagar Steel (JVSL) today approved the acquisition of Euro Ikon Iron & Steel (Euro Ikon), Euro Coke & Energy (Euro Coke) and JSW Power (JPL).

According to a release issued by JVSL to the BSE today, the appointed date for the merger is April 1, 2005.

"Shareholders of Euro Ikon will be allotted one equity share of  JVSL in lieu of 16 equity shares of Rs 10 each held in Euro Ikon. While shareholders of Euro Coke will be allotted one equity share of JVSL in lieu of 19 equity shares, shareholders of JPL will be allotted one equity share of JVSL in lieu of 25 equity shares," the release added.