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Thursday, Aug 31, 2006

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NCL Ind approves Deloitte's valuation

Our Bureau

Hyderabad, Aug. 30

The board of directors of NCL Industries Ltd on Wednesday approved the recommendations of Deloitte Haskins and Sells, Chartered Accountants, on the share exchange ratio for the proposed amalgamation of NCL Energy Ltd with the company. However, it would be subject to approval of the shareholders and creditors of both the companies and also sanction of the Andhra Pradesh High Court.

Deloitte Haskins and Sells has recommended a share exchange ratio of one equity share of the company to be issued for every six equity shares of NCL Energy.

The company's equity would increase by Rs 2.6 crore on account of the merger, which would be effective from April 1 this year.

NCL Energy is engaged in generation of hydel power from its two projects of 7.5 MW and 8.25 MW in Andhra Pradesh and Karnataka respectively, the company informed the stock exchanges.

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