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HBL Power Systems announced that the Board of Directors of the Company at its meeting held on 19 July 2017 transacted the following -
Took on record NCLT approval for scheme of arrangement and amalgamation of Beaver Engineering and Holdings and HBL Power Systems, appointed date for the scheme being 01 April 2016.
Cancelled 14,98,99,443 equity shares of Re 1 each held by Beaver Engineering and Holdings in the Company.
Approved allotment of 17,40,94,389 equity shares of Re 1 each paid up to the shareholders of Beaver Engineering and Holdings in the ratio as agreed and approved in the scheme.
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