The Hindu Business Line : Kesoram to merge realty arm with itself

Kesoram Industries is merging its realty subsidiary with itself. The subsidiary owns 18.40 hectares of land, which is where Kesoram’s greenfield radial tyre factory in Haridwar district of Uttarakhand is located. The company had bought this private company to facilitate property ownership in Uttarakhand for Rs 12.60 crore. A scheme of amalgamation at a Calcutta High Court convened meeting here on April 23 would be placed before the shareholders of Kesoram. Also on th at day at a separate meeting, the shareholders of the wholly-owned subsidiary Bulland Buildmart Pvt Ltd are to clear the scheme, which entails no share transfer or cash transaction. Kesoram would take over all the assets and liabilities of the company. The realty subsidiary has share capital of Rs 21 lakh and reserves worth Rs 15.47 crore. Its secured loans and current liabilities are worth Rs 41.50 crore.

– Our Bureau

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Alcatel Lucent may bag Bharti contract

ITC Welcomgroup bags award

Super Spinning seeks shareholders’ nod to dispose of mill, older unit

Kesoram to merge realty arm with itself

Siemens facility at Aurangabad

Madras Cements to float subsidiary for sugar biz

Shipping companies likely to post lower profits in Q4

Sanghvi Movers sees demand for crane hires

Govt probe shows no evidence of Raju lending money to Satyam