Somany Ceramics announces amalgamation of Schablona India

Noida based sanitary ware and bath fittings manufacturer Somany Ceramics Ltd announced that its board has approved amalgamation of Schablona India Ltd.

The Somany Ceramics management said that it has received the approval for draft scheme of amalgamation of Schablona India with the company. The Board of Directors of the company has approved the same at its meeting held on August 22, 2019.

The share swap ratio for proposed amalgamation would be 3 equity shares of Rs. 2.00 each of Somany Ceramics Ltd to all the equity shareholders of the Schablona India Ltd for every 100 equity shares of Rs. 4.00 each held in Schablona India Ltd.

The proposed amalgamation would result in business synergy, pooling of physical, financial and human resources of these companies for the most beneficial utilization of these factors in the combined entity.

Somany Ceramics is engaged in manufacturing of floor tiles, wall wiles, sanitary ware which includes urinals, basins, etc. Schablona India is also listed on BSE. Schablona India Ltd. is engaged in the business of manufacturing and trading of decorated tiles and stickers for decoration on ceramic articles.

On Friday, the stock touched its intraday high of Rs. 293.15 per share in the early trades. It closed at per share price of Rs. 276.95, higher by 4.51 per cent on BSE.