Titan Industries today said its wholly-owned subsidiary Titan Properties is proposing a merger with the holding company for which it will seek court approval.
In a filing to the Bombay Stock Exchange (BSE), the company said Titan Properties has proposed to merge with the holding company, Titan Industries pursuant to a scheme of amalgamation to be filed with the Madras High Court.
"Titan Properties was incorporated to develop a Titan Township near Hosur, for the employees of Titan Industries. It has achieved the objectives for which it was formed and has decided not to undertake any further developmental activities and hence felt it expedient to amalgamate with the holding company," the filing said.
Titan Properties shall file the requisite petition with the Madras High Court, it added.
Titan Industries scrip closed at Rs 4,308.60, down 1.90% compared to the previous close on the BSE.
