NSE allows Alliance Coffee to merge in parent Tata firm
26 Nov 2013 11:28 PM GMT
Leading bourse National Stock Exchange (NSE) on Monday gave its approval to merger of Alliance Coffee with its listed parent firm Tata Coffee saying the amalgamation does not violate provisions of securities law.
Tata Coffee in September had announced that its board has approved the merger of Alliance Coffee with itself, consequent to which the draft scheme of amalgamation was filed with stock exchanges for necessary approval.
In a communication to Tata Coffee, NSE said it is granting its 'no-objection approval' to the proposed scheme and this observation letter will be valid for six months starting today, within which period the company would have to file the scheme with the High Court for further clearance.
Another bourse, Bombay Stock Exchange (BSE) granted its no-objection to the scheme on 21 November.
NSE also said that Sebi's observations on the scheme requires Tata Coffee to display 'fairness opinion' submitted by it on the website of listed firm.
Tata Coffee in September had announced that its board has approved the merger of Alliance Coffee with itself, consequent to which the draft scheme of amalgamation was filed with stock exchanges for necessary approval.
In a communication to Tata Coffee, NSE said it is granting its 'no-objection approval' to the proposed scheme and this observation letter will be valid for six months starting today, within which period the company would have to file the scheme with the High Court for further clearance.
Another bourse, Bombay Stock Exchange (BSE) granted its no-objection to the scheme on 21 November.
NSE also said that Sebi's observations on the scheme requires Tata Coffee to display 'fairness opinion' submitted by it on the website of listed firm.
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