Madras High Court approves Amalgamation & Arrangement between GMR Infrastructure and 3 Arms

As per the approved Scheme of Amalgamation by the High Court of Madras, GHPL stands dissolved without being wound up and GMR Enterprises Private Limited, the Transferee Company, by virtue of the said Order, has acquired 47.25% shares held by GHPL and has consequently become the Holding Company of the Company with effect from August 10, 2016 being the date of filing of the Order with the Registrar of Companies, Chennai, Tamil Nadu.

Aug 11, 2016 10:08 IST India Infoline News Service

GMR Infrastructure Ltd has informed BSE that the Hon’ble High Court of Madras vide its Order dated July 06, 2016, copy issued on August 09, 2016 (hereinafter termed as "the Order") has approved the Scheme of Amalgamation and Arrangement between GMR Holdings Private Limited (GHPL, current Holding Company of GMR Infrastructure Limited) (Transferor Company 1) and GMR Projects Private Limited (Transferor Company 2) with GMR Enterprises Private Limited (Transferee Company).
 
Further, as per the approved Scheme of Amalgamation by the Hon'ble High Court of Madras, GHPL stands dissolved without being wound up and GMR Enterprises Private Limited, the Transferee Company, by virtue of the said Order, has acquired 47.25% shares held by GHPL and has consequently become the Holding Company with  effect  from  August 10, 2016 being the date of filing of the Order with the Registrar of Companies, Chennai, Tamil Nadu.

Stock View:
GMR Infrastructure Ltd is currently trading at Rs. 13.24, up by Rs. 0.14 or 1.07% from its previous closing of Rs. 13.1 on the BSE.
 
The scrip opened at Rs. 13.3 and has touched a high and low of Rs. 13.3 and Rs. 13.1 respectively. So far 2067420(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7907.09 crore.
 
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 18.6 on 03-Dec-2015 and a 52 week low of Rs. 9.58 on 04-Sep-2015. Last one week high and low of the scrip stood at Rs. 14.38 and Rs. 12.95 respectively.
 
The promoters holding in the company stood at 61.61 % while Institutions and Non-Institutions held 27.4 % and 10.99 % respectively.
 
The stock is currently trading above its 50 DMA.

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