Godrej Ind gets NSE nod to merge Wadala Comm with itself

Leading bourse National Stock Exchange (NSE) has approved the merger of Wadala Commodities with Godrej Industries.

The boards of both the companies had separately approved the merger scheme in February.

Godrej Industries is in the business of chemicals, surfactants, finance & investments and estate management, while Wadala Commodities is engaged in bulk trading of vegetable oils.

'No-objection approval' has been granted to the proposal, NSE said in a letter dated April 2 to Godrej Industries.

The merger is yet to get an approval from Bombay Stock Exchange.

The NSE approval is valid for six months, during which the company will apply to the High Court for further clearance of the proposal.

"...We do hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing /delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the exchange said.

Companies seeking to implement merger or de-merger strategies are required to obtain a no-objection certificate from the stock exchanges.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Lawmakers must not dilute penalties for insurers on mis-selling

    The much delayed insurance laws (amendment) bill is back in the news and the positive statements of finance minister Arun Jaitley suggest that the gov

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

New model for effective education

After interacting with students and teaching community on a ...

Zehra Naqvi

To hell and back

Here is a book that makes you wish there were ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture