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Our Bureau

Mumbai, April 19

Goodlass Nerolac Paints has informed BSE that its board of directors has approved a proposal for a change in its name to Kansai Nerolac Paints Ltd. Kansai Paints Company holds 64.52 per cent stake in Goodlass Nerolac Paints. The company's board has also approved the scheme of merger of the company and Polycoat Powders Ltd. Share exchange ratio would be 461 shares of Goodlass for 1,000 shares of Polycoat Powders. The share exchange ratio was determined by KPMG India Pvt Ltd, who have also been appointed as consultants to the merger. The merger is subject to the required statutory approvals.

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