Indo Borax shares decline twelve percent following subsidiary merger approval

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Shares of Indo Borax & Chemicals fell about 12% to Rs 424.60 on Tuesday after the board, at its 21 July meeting, approved merging its wholly-owned subsidiary Indo Borax Infrastructure Private Limited into the parent.
Once the merger is complete, the real estate-focused subsidiary will cease to exist separately and its business will fold into the parent, which makes chemical products like boric acid.
The plan still needs approval from the NCLT's Mumbai bench, and no new shares will be issued, with shareholders receiving an equal shareholding instead.
The stock had risen 80% over six months before the fall, and the report notes the drop may also reflect other concerns such as profit-booking and fully pledged promoter holding.

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Named India · Indo Borax Infrastructure · Indo Borax & Chemicals · National Company Law Tribunal

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