In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher. The US markets ended with sharp gains on Thursday.
Infrastructure major GG Engineering has informed exchanges about the latest development related to the amalgamation with Integra Essentia. In an exchange filing, the company said that its board has considered and approved modifications to the scheme of arrangement for amalgamation.
“Based on the suggestions and recommendations received from BSE Limited (‘BSE’), the Board of Directors in their Meeting held today dated i.e. August 14, 2024, has considered and approved modifications to the Scheme of Arrangement for Amalgamation i.e. the addition of a specific clause with respect to the reclassification of the promoters of the Transferor Company as public category shareholders in the Transferee Company upon the effectiveness of the Scheme along with other clerical modification.”
Later in July this year, Integra Essentia’s board approved GG Engineering’s application for amalgamation. As per the scheme of amalgamation, Integra Essential will issue 48 shares to GG Engineering shareholders for every 100 shares they held. The record date will be announced in the due course.
GG Engineering is in the business of superior infrastructure infrastructural & structural Steel and engineering products. On the other hand, Integra Essentia is engaged in the business of life essentials, such as food, clothing and energy.
Meanwhile, equity benchmark indices Sensex and Nifty surged in early trade on Friday following a sharp rally in global markets along with buying in IT stocks and Reliance Industries.
The 30-share BSE Sensex jumped 805.96 points to 79,911.84 in early trade. The NSE Nifty surged 252.05 points to 24,395.80. All the 30 Sensex firms were trading higher in early trade. Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys and IndusInd Bank were the biggest gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher. The US markets ended with sharp gains on Thursday.
(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.)