Videocon Industries Ltd has received approval from the Bombay high court for amalgamating EKL Appliances Ltd with itself.
The company informed the Bombay Stock Exchange that the high court has sanctioned the scheme of amalgamation, which would become effective upon filing of the court order with the Registrar of Companies, Mumbai.
At a meeting held in March, the board of directors of Videocon had decided to merge EKL Appliances, formerly Electrolux Kelvinator Ltd with itself.
The exchange ratio had been fixed at 1:27,619, where shareholders of EKL Appliances holding 27,619 equity shares would get one share of Videocon.
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