Liberty Phosphate Ltd has informed BSE that:
'The Board of Directors of Coromandel International Limited (Coromandel) and the Board of Directors of Liberty Phosphate Limited (LPL), a subsidiary of Coromandel, and Liberty Urvarak Limited (LUL), a wholly owned subsidiary of Coromandel, at their meetings held on September 28, 2013, have approved merger of LPL and LUL with Coromandel through a Scheme of Arrangement, subject to approval of the stock exchanges, shareholders, creditors, concerned High Courts / Tribunal, and other regulators as applicable. The valuation reports provided by Independent Chartered Accountants, SSPA & Co., Mumbai, and fairness opinion provided by Axis Capital Limited were placed before the Audit Committees of Coromandel and LPL. Based on the aforesaid valuation report and the fairness opinion, the Audit Committees of Coromandel and LPL have furnished their reports recommending the Scheme formulated under Sections 391-394 of the Companies Act, 1956 to the Board of Directors.
Coromandel, along with its wholly owned subsidiary LUL, holds 79.62% equity stake in LPL. Public shareholders of LPL shall be issued shares in Coromandel in the ratio of 7 (seven) equity shares of Re. 1 each of Coromandel for every 8 (eight) equity shares of Rs. 10 each of LPL in terms of the Scheme. The shares held by Coromandel and LUL in LPL shall get extinguished.
In terms of the Scheme, LPL and LUL will be amalgamated with Coromandel, followed by the dissolution of LPL and LUL.'
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