The directors of Jyothy Laboratories will be meeting on June 15 to consider a proposal for amalgamation of Henkel India with the company and the valuation report for the purpose of exchange ratio.
Henkel India, for its part, has also scheduled a board meeting on that day to consider the scheme of amalgamation.
Only recently Jyothy Laboratories has recommended the issue of bonus shares in the ratio of one share for every equity share held subject to the approval of shareholders. It has sent postal ballet forms to shareholders to seek their consent for increasing the authorised capital to facilitate the issue of bonus shares. The present equity capital is Rs. 8.06 crore. The Re. 1 face value shares closed at Rs. 229.65 on Wednesday on the Bombay Stock Exchange.
Henkel India became a subsidiary of Jyothy Laboratories consequent to the selling of 50.87 per cent stake in Henkal India held by Henkel AG & Co. of Germany.
The company reported a loss of Rs. 92.80 crore in the year ended March 31, 2012. The equity capital is Rs. 116.46 crore. The shares (Rs. 10 face value) ended at Rs.24.55 on the BSE on Wednesday.