GG Engineering Grants Approval For Merger With Integra Essentia

GG Engineering has informed through an exchange filing that its board has granted in-principle approval for evaluating the consolidation proposal of the company with Integra Essentia Limited.

Integra Essentia is mainly engaged in the business of life essentials. It deals in agricultural commodities, life necessities, natural products, processed foods and other essential goods.

GG Engineering in a statement on BSE said that such a consolidation will create a larger and stronger entity.

The merger is subject to statutory, regulatory and other approvals including relevant third-party consents, it said.

The merger will help to pool the experience, expertise, resources and client base of the two companies and offer a larger bouquet of life-essential products, FMCG goods, energy & infrastructure products.

Meanwhile, Integra Essentia in a filing said that the company is seeking to appoint a Big4 Advisory firm for evaluating the proposed consolidation from a tax and regulatory perspective.

Its board also considered and approved the redemption of debentures which were originally issued by the company on July 1, as per the offer negotiated with the non-convertible debentures (NCDs) holder for a lump-sum payment of Rs 1.50 crore towards a full and final settlement.