Mumbai, Jan 25: The board of Tata Investment Corporation (TICL) on Tuesday approved a scheme of amalgamation of Varuna Investments Ltd (VIL), an unlisted investment company of the group with itself. The scheme of amalgamation was also approved by the board of VIL at a separate meeting. Under the terms and conditions, TCIL shall issue to every member of VIL four equity shares of Rs 10 each of TICL for every one equity share of Rs 100 each of VIL, according to a release issued by the company on Tuesday.
On the scheme coming into effect, the paid up share capital of TCIL would stand increased from Rs 12.43 crore to Rs 16.41 crore. The merger was effective from April 1, 1999.
An application is being made to the High Court Judicature at Mumbai to seek directions for holding a meeting of the members, the release added. TCIL, releasing its unaudited results for the quarter ending December 31, registered a marginal increase in its net profit at Rs 2.93 crore as compared with Rs 2.18 crore during the corresponding period last year. The total income, including net interest and profit on sale of investments, was Rs 3.96 crore against Rs. 3.08 crore in the same period last year.
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