Mangalore Chemicals & Fertilizers Ltd. said on Tuesday it has received a letter from the Bombay Stock Exchange that listed certain observations made by the Securities and Exchange Board of India regarding the company's merger with Paradeep Phosphate Ltd.
The company said it will evaluate the next steps to be taken with respect to this letter, according to an exchange filing.
The Competition Commission of India in July had approved the merger of both companies after the board in February gave the go-ahead for the merger.
Post the merger, the company becomes one of the largest integrated private sector fertiliser companies in India, with a total manufacturing capacity of 3.6 million metric tonnes per annum.
Investors will receive 187 shares of Pradeep Phosphates for every 100 equity shares of Mangalore Chemicals as a result of the merger. The new shares of Pradeep Phosphates that will be issued to shareholders will be listed both on the NSE and the BSE.
Mangalore Chemicals and Paradeep Phosphates had also established a merger implementation committee to manage the merger process. The committee will handle regulatory discussions and ensure a smooth transition for employees, customers, vendors, and other external stakeholders.
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