Wednesday, Aug 21, 2002
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By Our Staff Correspondent
The merged entity will be a well-diversified company with business interests in infrastructure, mining, chemicals and lubes.
The swap ratio for the merger is 2:1 two shares of Gulf Oil India for one share of IDL Industries. The promoter holding in the merged company will increase to 61.74 per cent with NRIs and OCBs holding 7.18 per cent, mutual funds 3.53 per cent, and banks and FIIs 6.45 per cent. The balance 21.11 per cent will be with the Indian public.
The merged company has drawn up a long-term business plan for future growth using assets of around Rs. 500 crores and manpower of around 2,600. The organisation will have 27 marketing offices and 250 distributors across India.
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