NSE okays merger of Wadala Commodities with Godrej Industries
16 April 2014
The merger of Wadala Commodities with Godrej Industries has been approved by National Stock Exchange (NSE), PTI reports.
The merger scheme had been approved by the boards of both the companies in February.
Godrej Industries operates in the field of chemicals, surfactants, finance and investments and estate management, while Wadala Commodities has interests in bulk trading of vegetable oils.
According to a letter dated 2 April, the NSE had granted 'No-objection approval' to the proposal.
The merger is however yet to get approval from Bombay Stock Exchange.
The NSE approval would be valid for six months, during which the company would have to apply to the High Court for further clearance of the proposal.
"...We do hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing / delisting / continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the exchange said.