Mirza International board approves Genesis Footwear merger

Footwear maker Mirza International has informed the BSE that its Board of Directors at its meeting held on February 18, considered and approved the Scheme of Amalgamation of Genesis Footwear Enterprises Private Ltd (the transferor company) with Mirza International (the transferee company), as approved by the Hon’ble Allahabad High Court vide its order dated December 15, 2015. The Board allotted one crore fifty six lakh fully paid-up equity shares of ₹2 each and one crore twenty lakh fully paid-up zero per cent Compulsory Convertible Preference Shares of ₹2 each to the shareholders of the transferor company. The Board also noted that the account of Genesis Footwear Enterprises Private Ltd will be amalgamated with that of Mirza International with effect from April 1, 2015.

Shares of Mirza International   rallied nearly 7 percent intraday Monday on getting court approval for amalgamation of Genesis Footwear. “Honourable High Court of Judicature at Allahabad has approved scheme of amalgamation of Genesis Footwear Enterprises Private Limited with Mirza International,” said the leather footwear manufacturer in its filing to exchange. The scheme of amalgamation received approval from board of directors on March 11 with share exchange ratio of 92 equity shares of Rs 2 each to be issued by Mirza International for every 100 shares held by shareholders of Genesis Footwear Enterprises.

However, that exchange ratio modified by board members on June 12. The company said 52 equity shares of Rs 2 each to be issued by Mirza International for every 100 shares of Rs 2 each held by Shareholders of Genesis Footwear. Additionally, 40 (0 percent) compulsory convertible preference shares (CCPS) may be issued by Mirza for every 100 equity shares held by shareholders of Genesis Footwear. CCPS shall be compulsorily converted into equity shares on commencement of next financial year immediately after financial year. At 14:45 hours IST, the scrip of Mirza International was quoting at Rs 138.00, up Rs 4.00, or 2.99 percent on the BSE.
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