Auto glass manufacturer Asahi India Glass Ltd (AIGL) came a step closer towards amalgamating its subsidiary Floatglass India Ltd (FGL) when the Delhi High Court approved the Scheme of Amalgamation of …
Auto glass manufacturer Asahi India Glass Ltd (AIGL) came a step closer towards amalgamating its subsidiary Floatglass India Ltd (FGL) when the Delhi High Court approved the Scheme of Amalgamation of FGL with AGL. FGL produces glass for the architectural sector. AIGL holds 79.6% equity in FGI, which it acquired in 2001 due to the initiatives of Asahi Glass Company (AGC), Japan, to restructure its Indian operations. Under the original terms of the merger, Asahi India will issue three equity shares of INR 1 each, fully paid-up and four 10% cumulative redeemable preference shares of INR 10 each, fully paid-up to the shareholders of FGI for every eight equity shares of INR 10 each, fully paid-up held by them in FGI. The appointed date for the merger is proposed as 1 April 2002.