Integra Essentia Shares In focus As Company Proposes Amalgamation of GG Engineering

Shares of Integra Essentia Limited are in focus today as the company has informed exchanges that the board of directors have approved the scheme of amalgamation of Integra Essentia Limited (transferee company) and G G Engineering Limited (transferor company).
“The merger will enhance and strengthen the Transferee Company’s infrastructure division, improving its operational capabilities and market competitiveness. It aims to enrich the combined product offerings and expand the customer base both locally and globally,” the company said in the filing. The counter has been under pressure and losing for the last 13 days and has fallen 20.68% returns in the period.
The consideration in respect of such transfer be paid and satisfied by the transferee company as
follows:
“Integra Essentia Limited” (Transferee Company) shall issue and allot 48 (Forty-Eight) Equity Shares of Face Value of INR 1/- (Rupees One Each) each to Equity Shareholders of “G G Engineering Limited” (Transferor Company) for every 100 (One Hundred) Equity Share of Face Value of INR 1/- (Rupees One Each) each held by them in the Transferor Company,” the filing reads.
The said scheme of amalgamation is being finalized after obtaining due diligence and rationale by M/s Price Waterhouse & Co LLP, Chartered Accountants.
Meanwhile, Equity benchmark indices declined in early trade on Monday as investors opted to book profits after the recent record rally in equities.
Mixed cues from Asian markets also added to the muted trend in domestic equities. After beginning the trade on a weak note, the 30-share BSE Sensex further declined 204.39 points to 79,792.21. The NSE Nifty dipped 40.75 points to 24,283.10.
Among the Sensex pack, Titan, Asian Paints, Adani Ports, Bajaj Finserv, UltraTech Cement and Maruti were the biggest laggards.Tata Motors, Tech Mahindra, ICICI Bank and State Bank of India were among the gainers.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)