Aarti Industries gets Bombay, Gujarat High Court nod for amalgamation scheme

NEW DELHI: Chemicals & pharma firm Aarti Industries has received approval from the High Courts of Bombay and Gujarat for a scheme of amalgamation of Gogri and Sons Investments, Alchemie Leasing and Financing and Anushakti Holdings and Anushakti Chemical and Drugs with itself.

The scheme of amalgamation was sanctioned by "High Court of Judicature of Bombay vide its order dated 10th July, 2015 and the High Court of Gujarat at Ahmedabad vide its order dated 31st July, 2015," the company said.

Chairman and Managing Director Rajendra Gogri said: "The merger will simplify and rationalise promoters' shareholding and increase the public float of shares thereby enhancing the liquidity of the stock."

Merger will also result in elimination of associate companies and would make the shareholding structure more transparent and investor friendly, he added.

Shares of Aarti Industries today closed at Rs 480.65 per scrip on BSE, up 6.94 per cent from previous close.