As on date, VSL holds 19,39,04,681 shares in GIL, representing about 57.66% of the total paid up capital of GIL. In consideration of merger of VSL with GIL, GIL will issue an aggregate 19,39,04,681 equity shares of Re 1 each to the shareholders of VSL and compulsorily convertible shareholders of VSL in the proportion of their holding in VSL as on record date. Accordingly, there will be no change in the issued share capital of GIL post merger.