Mumbai: The board of Essar Shipping today approved an amalgamation scheme for its impending merger with Mauritius-based India Shipping - the holding company of Essar Oilfields Services.
The amalgamation will enable both Essar Oilfields Services and Essar Sisco Ship Management Company (ESSMC) to become wholly owned subsidiaries of Essar Shipping.
Upon approval of the amalgamation, the shareholders of India Shipping will be issued 32 equity shares of Rs 10 each of Essar Shipping for every 100 ordinary shares of $1 each held in India Shipping. [13/02/08]
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