JVSL:MUM:SEC:PostMgr:05-06
May 9, 2005
Corporate Relationship Dept.
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai – 400
001.
Fax No. 2272 2037/2039/ 2041/ 20 61
Ref : Company
Code No.500228.
Kind Attn.:- Mr. S Subramanian –DCS-CRD
Dear Sirs,
The Board of Directors of the Company at their meeting held today, considered and approved the acquisition of Euro Ikon Iron & Steel Private Limited (‘Euro Ikon’), Euro Coke & Energy Private Limited (‘Euro Coke’) and JSW Power Limited (‘JPL’) by way of merger under a Scheme of Amalgamation of Euro Ikon, Euro Coke and JPL with Jindal Vijayanagar Steel Limited (‘JVSL’) and their respective shareholders under sections 391 to 394 of the Companies Act, 1956.
The Appointed Date for the merger is April 1, 2005
Pursuant to the Scheme
·
Equity shareholders of Euro Ikon will be allotted 1 equity
share of JVSL of Rs.10 each in lieu of 16 equity shares of Rs.10/- each held in
Euro Ikon.
·
Equity shareholders of Euro Coke will be allotted 1 equity
share of JVSL of Rs.10 each in lieu of 19 equity shares of Rs.10/- each held in
Euro Coke; and
·
Equity shareholders of JPL will be allotted 1 equity
shares of JVSL of Rs.10 each in lieu of 25 equity shares of Rs.10/- each held
in JPL.
Following implementation of the Scheme & issue of shares as above, the aggregate equity capital of JVSL will increase by a sum of Rs.17,99,28,360/- consisting of 1,79,92,836 equity shares of Rs.10/-each subject to minor changes upon rounding off of fractional entitlements.
The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the Company, Euro Ikon, Euro Coke and JPL, the Bombay High Court, and the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.
Thanking you,
Yours faithfully,
For JINDAL
VIJAYANAGAR STEEL LIMITED
Seshagiri Rao
M V S
Director (Finance)