Addressing a press conference here, Ramesh Chandok, managing director and chief executive officer, KEC International, said: The appointed date of merger of RPGCL with KEC is March 1, 2010. Based on the recommended merger ratio, KEC will issue 20.74 lakh new equity shares to the existing shareholders of RPGCL. This will result in a 4.2% increase in equity base, from Rs 49.34 crore to Rs 51.42 crore. Consequently, the promoter holding in KEC will reduce from 41.94% to 41.59%.
Shares of KEC International dipped 2.55% on Friday to close at Rs 550.65, while those of RPG Cables rose by 4.98% to close at Rs 25.30 on the BSE.