At a meeting held on 21st October 2011, the Board of Directors of Akzo Nobel India Limited has approved the draft scheme of Amalgamation of Akzo Nobel Car Refinishes India Private Limited, Akzo Nobel Chemicals (India) Limited, Akzo Nobel Coatings India Private Limited (collectively known as the 'Transferor Companies') with Akzo Nobel India Limited (the 'Transferee Company').
This merger of AkzoNobel group companies in India with Akzo Nobel India Limited is the most significant sustainable shareholder value creating initiative being taken by Akzo Nobel India. The merger will result in creating an integrated paints and coating company with capabilities to fully and efficiently service the needs of the customers. In addition the merger will be delivering various operating and financial synergies and will create a strong platform for fully unleashing the India Growth opportunities in Coatings and Chemicals.
The Company has received No objection certificates from Bombay Stock Exchange Limited and National Stock Exchange Limited to proceed with the amalgamation proposal.
The Company has also received approval from the Competition Commission of India for this Amalgamation.
The exchange ratio of shares of the Transferor Companies and the Transferee Company have been fixed on the basis of the Valuation Reports prepared by independent firms of Chartered Accountants.
The Company has also obtained a ‘fairness opinion’ on share valuation from an authorised Merchant Banker.
The Appointed Date for the Scheme would be 1st April, 2011;
The Scheme shall be conditional upon and subject to:
Shareholder approval;
The requisite consent, approval or permission of the Central Government or any Government Authorities which by law may be necessary for the implementation of this Scheme; and
Approval by all the jurisdictional High Courts
On 22 December 2011, Hon'ble High Court at Calcutta has directed that a meeting of the Equity Shareholders of the Company be convened and held at Kala Mandir, 48, Shakespeare Sarani, Kolkata 700 017 on Tuesday, February 7, 2012 at 11:00 A.M. for the purpose of considering the proposed Scheme of Amalgamation. Notice of this meeting (with all its annexures) has already been sent to all the shareholders.
For further information, contact:
Mr R Guha
Company Secretary & Compliance Officer
Tel : +91 124 2540400
Email: r.guha@akzonobel.com
Documents pertaining to Merger available online: