Mangalam Cement to Merge With Mangalam Timber
Earlier this week, BK Birla group-controlled Mangalam Cement said it would merge with Mangalam Timber Products Ltd. Ernst & Young has been asked to conduct a valuation of the two companies and recommend the share swap ratio for the merger.
Another BK Birla group firm, Kesoram Industries Ltd, said that it had increased its stake in Mangalam Cement by 3.07% of the company’s equity capital to 13.79% through a transfer of shares from other promoted-controlled holding companies. At the same time it bought from the market 83 462 shares of Mangalam Timber, or 0.46% of the company’s equity capital, raising its stake to 13.8%. The BK Birla Group owns 25.49% of Mangalam Cement, and 37.32% of Mangalam Timber.
Post-merger, Kesoram, which is to be eventually controlled by group chairman BK. Birla’s grandson Kumar Mangalam Birla, would have a substantial stake and is likely to be the single largest shareholder in Mangalam Cement.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/26082010/mangalam_cement_to_merge_with_mangalam_timber/
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