Novopan to merge 3 group cos with itself

GVK-owned three companies will be merged with another group company -- Novopan Industries Ltd -- for a consideration of Rs 25.32 crore (Rs 253.2 million) to consolidate the particle boards operations of the group.

The decision to merge GVK Novopan Industries (P) Ltd, Resin Division of GVK Petrochemicals (P) Ltd and Novofurniture (P) Ltd was approved by the Novopan Industries board meeting on Sunday, the company told BSE on Monday.

Novopan would issue 31.17 lakh equity shares to the shareholders of these three companies against the consideration for this merger, it added.

The share capital of Novopan after merger would increase to Rs 11.91 crores (Rs 119.1 million) from the present Rs 8.79 crore (Rs 87.9 million).

Novopan Industries pioneered the concept of ready-to-use pre-laminated particle boards in India.

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