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India:Merger of CLC Global Ltd and Spentex Industries Ltd announced |
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2005-3-28
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The season for Mergers continued with the merger two leading Yarn manufacturers, CLC Global Ltd with Spentex Industries Ltd. The new company will be known as Spentex Industries Ltd.
Mukund Choudhary, Managing Director, Spentex Industries, was quoted in a press release as saying; "The merger will help make Spentex Industries Ltd financially strong as CLC Global Ltd is a cash rich company."
Following the merger and on transfer of the assets liabilities from CLC Global Ltd to Spentex Industries Ltd, the company will issue an equity share of Rs 10 each as fully paid (after reduction) for every equity share of Rs 10 each of CLC Global Ltd. The share swap ratio will be 1:1.
The merged entity will thus have access to funds for planned future expansion plans enabling the organization to double its capacity to manufacture value added yarn. At present the company has an installed capacity of 29,232 spindles that can manufacture 4,800 tonnes of yarn per annum.
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