At meeting held on 28 September 2020
The Board of Gateway Distriparks at its meeting held on 28 September 2020 has approved the proposed composite scheme of amalgamation for: (i) amalgamation (merger by absorption) of Gateway East India (GEIPL) with Gateway Distriparks (Company); and (ii) amalgamation (merger by absorption) of the Company (post amalgamation of GEIPL with the Company) with Gateway Rail Freight (GRFL) and their respective shareholders (Scheme).The Board of Directors of GEIPL and GRFL has also in their respective Board meeting held on 28 September 2020 approved the said Scheme.
For amalgamation of GEIPL with the Company, no consideration will be discharged to the shareholders of GEIPL and no shares will be allotted to the Company since the entire paid-up equity share capital of GEIPL is held directly by the Company. In consideration for amalgamation of the Company with GRFL, the shareholders of the Company shall receive equity shares of GRFL as per the share exchange ratio set out in the Scheme.
The Scheme shall be effective from opening of business hours on 01 April 2020 (for all the Parts as mentioned in the Scheme) or from such other date as may be approved by the NCLT.
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