11 Jan 2022 , 10:12 AM
Titagarh Wagons Limited informed the exchanges Monday that following the review and recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on January 10, 2022 has considered and approved the Scheme of Amalgamation of Titagarh Bridges and International Private Limited (Transferor Company – wholly owned subsidiary of the Transferee Company) with the Company (Transferee Company) with April 01, 2021 as the Appointed Date, subject to approvals as may be necessary.
At around 10.15 am, Titagarh Wagons Ltd was trading at Rs106.60 per piece up Rs4.25 or 4.15% from its previous closing of Rs102.35 on the BSE.
Titagarh Wagons Limited is engaged in the business of manufacturing of Rail Rolling Stock including Railway Wagons, Passenger Coaches, Steel Castings of various configurations, Shipbuilding, Bridges and special projects for detence establishment of India and other heavy engineering equipment/ products.
Titagarh Bridges and International Private Limited is engaged in the business of manufacturing, marketing, and selling all types of bridges including metallic bridges and auxiliary products, including all metallic and modular bridge equipment parts related thereto.
The company said that the Transferee Company is holding stake directly in the Transferor Company and the Transferor Company and Transferee Company’s business activities complement each other and can be advantageously combined, and to achieve inter-alia economies of scale and efficiency, the merger of the companies is being undertaken. The amalgamation of the Transferor Company with the Transferee Company would inter-alia have the following benefits:
The amalgamation will enable appropriate consolidation of activities of Transferor Company and Transferee Company with pooling and more efficient utilization of their resources, greater economies of scale, reduction in overheads and other expenses and improvement in various operating parameters.
There will be no change in the shareholding pattern of the Company pursuant to the Scheme, as no shares are being issued by the Company in connection with the Scheme.
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