Mumbai: Pidilite Industries, manufacturer of adhesives and industrial chemicals, has received the shareholders’ approval for merger of Vinyl Acetate Monomer manufacturing unit of Vinyl Chemicals (I) Ltd at Mahad with itself.
The shareholders of Pidilite Industries at the court convened meeting had recently approved the scheme of arrangement regarding the demerger of Vinyl Acetate Monomer Manufacturing Unit of Vinyl Chemicals (I) Ltd from itself, the company informed in a filing to the Bombay Stock Exchange.
Earlier, in March, Pidilite Industries had received board of directors’ consent regarding the same.
As per the share swap ratio pursuant to the demerger, for every 12 equity shares in Vinyl Chemicals (India) Ltd, one equity share in Pidilite Industries would be alloted.
Besides, a shareholder having less than 501 equity shares of Vinyl Chemicals (India) would be alloted one Cumulative Redeemable of Preference Share in Pidilite of Rs 10 each for every equity share held in Vinyl Chemicals (India) Ltd.
Vinyl Chemicals deals with adhesives for plastics and specialty chemicals. The company also produces polyvinylchloride and synthetic rubber.