New Delhi: McNally Bharat today said its board has approved merger of the company, its subsidiary McNally Sayaji Engineering and EMC Ltd with Kilburn Engineering.
In a filing to the BSE, McNally Bharat Engineering said the board has agreed to form a committee with representative from each of the aforesaid companies to oversee the preparation of a draft Scheme of Amalgamation.
The board in its meeting has "approved in principle a proposal to merge the company, its subsidiary McNally Sayaji Engineering Ltd and EMC Ltd with Kilburn Engineering Ltd," it said.
The board would also appoint professionals to obtain valuation to determine the share exchange ratio and drafting the scheme of amalgamation, it added.
Shares of McNally Bharat closed at Rs 85.15, up 5.78 per cent over previous close on the BSE.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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