The boards of Tata Chemicals and Hind Lever Chemicals (HLCL) have approved an exchange ratio of 2.5 :1 for the merger between the two companies.
The shareholders will get five shares of Tata Chemicals for every two shares of Hind Lever Chemicals.
The swap ratio has been arrived at after independent valuations by both companies. The merger will be effective from April 1, 2002.
The Tata group
