Pricol Ltd has informed BSE that at the Board Meeting held on December 16, 2013, in-principle approval of the Board is given for the merger of Xenos Automotive Limited, a company engaged in Automotive Accessories, in which the Promoters of Pricol Limited hold a majority of the Shares, subject to the approval of Shareholders, Secured Creditors and Honorable High Court, Chennai.
A Committee of Independent Directors of the Board has been constituted to finalise the terms and conditions of the Scheme of Merger.
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