IFGL Exports Ltd. completed the acquisition of IFGL Refractories Limited from a group of sellers.
August 02, 2017
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IFGL Exports Ltd. agreed to acquire IFGL Refractories Limited (NSEI:IFGLREFRAC) from a group of sellers on August 6, 2016. Under the terms of the transaction, one share of IFGL Exports Ltd. shall be issued for every share of IFGL Refractories Limited. The deal is subject to approval by the shareholders, secured and unsecured creditors of IFGL Refractories and approval of High Court. The Board of IFGL Refractories Limited approved the transaction on August 6, 2016. The deal was approved by the Bombay Stock Exchange on October 14, 2016 and by the National Stock Exchange on October 17, 2016. The deal was approved by the shareholders, secured creditors and unsecured creditors on April 3, 2017. The National Company Law Tribunal passed an order on May 16, 2017, that the hearing of the merger before will be held on July 17, 2017.
IFGL Exports Ltd. completed the acquisition of IFGL Refractories Limited (NSEI:IFGLREFRAC) from a group of sellers on August 3, 2017. As part of the consideration IFGL Exports Ltd issued 34.61 million shares. As on August 3, 2017, National Company Law Tribunal of Kolkata sanctioned the deal. A board meeting will be conducted for IFGL Exports to give approval to change the name of IFGL Exports to IFGL Refractories, move headquarters of IFGL Exports to Odisha address, to re constitute Directors of IFGL Exports, to list IFGL Exports shares on Bombay Stock Exchange and National Stock Exchange, fixing record date for ascertaining shareholders of IFGL Exports who will be eligible to receive shares of IFGL Refractories and other business transactions.
IFGL Refractories Limited is an India-based company, which is engaged in the manufacturing, trading, and selling of refractory items and its related equipment and accessories used in steel plants. The Company operates through specialized refractories and ceramics. The Company also provides services in relation to refractory goods. The Company offers solutions, including Its manufacturing facilities are located in Kandla Special Economic Zone (SEZ), Gujarat, Kalunga Industrial Estate near Rourkela, Odisha, and Industrial Park APIIC De-Notified Area, Atchutapuram, Visakhapatnam District, Andhra Pradesh. The Company caters to both domestic and international markets. Its geographical segments include India, the United Kingdom, Europe other than the United Kingdom, Asia excluding India, the Americas, and others. The Companyâs wholly owned subsidiary is FGL Worldwide Holdings Limited.