Metrochem rises as board approves merger with GBL

MUMBAI (makemystocks): Metrochem Industries Ltd (BOM:524683) rose on the bourses after the company board approved the merger of Metrochem Industries Ltd (MCIL) which Global Boards Ltd (GBL).

In a statement filed with the Bombay Stock Exchange (BSE), the company informed that the Board of Directors of the Company at its meeting held on August 25, 2010, has signed and approved a Composite Scheme of Arrangement in the nature of Amalgamation for merger of Metrochem Industries Limited (MCIL) with Global Boards Limited (GBL).

According to the company statement, the merger or reorganisation of business will be advantageous and beneficial to the shareholders of this Company and the terms of the proposed arrangement will be fair and reasonable to all stakeholders.

Metrochem stocks advanced on the bourses with gains of over 2.3% at Rs.48.25 in the morning trades on BSE today.