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This is an archive article published on February 3, 1999

Two IFCI firms to merge

NEW DELHI, FEB 2: The joint boards of the two companies last week decided to have a share swap ratio of 5:1, TFCI managing director M Nar...

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NEW DELHI, FEB 2: The joint boards of the two companies last week decided to have a share swap ratio of 5:1, TFCI managing director M Narayanan told PTI.

TAFSIL shares have a face value of Rs 100 while face value of TFCI shares is Rs 10. 8220;The merger of TFCI and TAFSIL will help us in streamlining the finance and advisory activities in the tourism sector,8221; he said.

quot;We have informed the Delhi High Court about the share swap ratio as required UN are now waiting for the court to call for a creditors and shareholders meeting,quot; Narayanan said.

Shareholders of the two companies will have to approve the share swap ratio following which the process of winding up of Tafsil will start, Tafsil chief consultant P Gupta said.

The stock exchanges have been notified about the decision, he said adding that Tafsil expected its shareholders to pass the proposal without any reservations.

 

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