Two subsidiaries to be merged with Texmaco

The K K Birla-promoted Texamco has decided to merge two subsidiaries and a joint venture with itself.

The merger ratio for the joint venture, Neora Hydro, was approved at one equity share of Texmaco for every 65 shares of Neora Hydro.

The Texmaco board approved the merger ratio for 50% shares of Neora Hydro while the balance 50% shares would be cancelled. Texmaco holds 50% equity in the joint venture.

Neora Hydro has a 3MW mini hydel project on river Neora in Darjeeling, which was commissioned in June 2006. The project is facing problems on account of inadequate water during the lean season besides problems in the smooth evacuation of power.

Shree Exports, a wholly-owned subsidiary dealing in investments, would also be merged with Texmaco.

The Texmaco board has also decided to merge Evershine Merchants, which has a property in Gurgaon spread over 66,500 square feet. The merger ratio was approved at one equity share of Texmaco for every 28 shares of Evershine Merchants.