Excel Crop Care gets board nod for merger with Sumitomo Chem

Date:08-02-2018

Agrochemicals firm Excel Crop Care yesterday said its board has approved a proposal to merge the company with Sumitomo Chemical India.

The scheme of amalgamation will be subject to approval by the National Company Law Tribunal and other regulators, the company said in a regulatory filing.

The board approved the scheme in a meeting held yesterday.

Pursuant to the scheme, the existing equity shareholding of Sumitomo Chemical India (transferee company) in Excel Crop Care (transferor company) will get cancelled.

The other equity shareholders of the transferor company will receive 51 equity shares of the transferee company for every two equity shares held.