Indo Amines rises 11% as board approves draft scheme of amalgamation

Indo Amines rises 11% as board approves draft scheme of amalgamation

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Shares of Indo Amines rose 11 percent intraday Thursday as company board approved a draft scheme of amalgamation of Core Chemicals (Mumbai) and Key Organics (a wholly owned subsidiary of the company) with the company.

The Scheme is subject to approval of the National Company Law Tribunal, Mumbai, besides other approvals as applicable, if any.

The company has terminated the MOU and acquisition of Industrial Land of Pious Engineering situated at Dombivali (East), Dist. Thane, Maharashtra for further business purpose.

Meanwhile, the promoters of the company i.e. Vijay Palkar and Bharati Palkar have acquired 100 percent holding in Pious Engineering.

At 12:08 hrs Indo Amines was quoting at Rs 121.15, up Rs 5.80, or 5.03 percent on the BSE.

Posted by Rakesh Patil

courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/indo-amines-rises-11-as-board-approves-draft-schemeamalgamation_11473661.html

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