Ahmedabad, Sep 28 (IANS) The Gujarat High Court has approved the amalgamation of six polyester companies with Indian Petrochemicals Corporation Ltd (IPCL), a former state-run enterprise that is now a part of Mukesh Ambani's Reliance group.
As per the scheme of amalgamation approved by the court, shareholders of all the six companies will be allotted fully paid equity shares of IPCL of Rs.10 each in the respective ratios, a company statement said.
The six companies that will amalgamate with IPCL are Apollo Fibres, Central India Polyesters, India Polyfibres, Orissa Polyfibres, Recron Synthetics and Silvasa Industries.
The court order has been filed with the registrar of companies and the company has fixed Oct 12 as the record date for determining the shareholders of the six companies who will be entitled to receive the shares.
IPCL had reported net turnover of $21.15 billion for 2005-06 and a net profit of $225 million.
The company's shares were quoting at Rs.309.4 on the Bombay Stock Exchange at noon Wednesday, up 0.41 percent over the previous day's close at Rs.308.15.