Business Daily from THE HINDU group of publications
Monday, Jan 29, 2007
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Business Daily from THE HINDU group of publications Monday, Jan 29, 2007 ePaper |
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Corporate
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Restructuring GVK consolidates infrastructure assets Our Bureau
Post-consolidation, Mumbai International Airport Private Ltd (MIAL), which operates the Chhatrapati Shivaji International Airport in Mumbai, and GVK Jaipur Expressway Private Ltd will come under GVKPIL. "The consolidation will align all our infrastructure companies under one roof, enabling GVK to position itself as an integrated infrastructure company to leverage emerging opportunities," Mr G.V. Krishna Reddy, Chairman of GVK, said in a release. The boards of directors of GVKPIL, Bowstring Projects & Investments Private Ltd and Green Garden Horticulture Private Ltd, which met on Sunday, agreed to the amalgamation. Bowstring and Green Garden, both closely held companies, hold equity stakes in various power and infrastructure projects of GVK.
Scheme of amalgamation
The scheme of amalgamation envisages a share exchange ratio of 133 GVKPIL equity shares (of Rs 10 face value each) for every four Bowstring equity shares (of same face value).
Exchange ratio
It also proposes a share exchange ratio of 153 GVKPIL equity shares for every four Green Garden equity shares. It has pegged an exchange ratio of three GVKPIL equity shares for every 40 shares of GVK Industries Ltd. Accounting firms Deloitte, Haskins & Sells and Dalal & Shah had been appointed to recommend the final share exchange ratio. The appointed date of merger is proposed to be April 1, 2006. GVKPIL owns 54 per cent in GVK Industries, which operates the 216 MW Jegurupadu Phase I gas-based power plant and the 220 MW Jegurupadu Phase II gas-based project. It also owns 45 per cent in the 464 MW gas-based Gautami Power plant, which is ready for commissioning.
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