Kesoram board to consider merger report on May 4

	Financial Daily from THE HINDU group of publications Tuesday, May 01, 2001

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Kesoram board to consider merger report on May 4

Our Bureau

KOLKATA, April 30

PRICEWATERHOUSECOOPERS will submit on May 4 its report to the board of Kesoram Industries Ltd (KIL), on the proposed merger of Birla Century Finance Ltd (BCFL) and Hindustan Heavy Chemicals Ltd (HHCL) with KIL.

Mr S.K. Parik, Senior President and Company Secretary of KIL, told Business Line that on the same day the boards of BCFL and HHCL would consider the report, which among others would suggest the swap ratios.

The KIL board on May 4 would also discuss the issue of buy-back of shares. The quantum of shares proposed to be bought back would be decided by the board, Mr Parik said.

Meanwhile, Kesoram Textiles Ltd (KTL), a group outfit, reported a net loss of Rs 4.43 crore (Rs 2.35 crore) in 2000-01. The manufacturing unit of KTL has remained closed since January 5, 1999.

The company is carry on its trading activity by processing grey cloth from outside agencies.