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Tuesday, June 15, 2010

Indage Vintners Announces Merger With IAIPL

Indage Vintners has announced a merger with IAIPL. The deal may induct cash and/ or property through IAIPL, which holds Indage House & Navi Mumbai properties

The properties are to be sold to bring in promoter capital for the corporate debt restructuring scheme. The arrangement could be done for tax efficiency.

Indage Vintners for the last one year has been going through a financial crisis. The merger is with regard to promoters bringing in Rs 75-100 crore as part of the CDR package. April was when the CDR proposal was accepted and the promoters needed to bring in about Rs 75-100 crore. Around 1.6 crore shares of Indage Vintners will be issued to Industrial Agencies Indage Private Limited (IAIPL).

Indage Vintners stock touched an intraday high of Rs 33.30 and an intraday low of Rs 31.50. The stock trading volume was of 24,792 shares.

This merger has brought in positive news for its shareholders as Indage Vintners was in financial crisis and now it could be revived up with this merger. The stock market has shown the positive response with upper circuit today but one needs to be cautious before running to buy stocks of Indage Vintners as the benefits would not be visible in it's balance sheet so soon.

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