Titan Industries to merge associate companies

Titan Industries Ltd has informed that the Board of Directors of the Company at its meeting held on January 21, 2008 has approved the proposal for buy-out of the minority interest in the three domestic Companies, viz, Samrat Holdings Ltd, Questar Investments Ltd and Titan Holdings Ltd (transferor Companies) based on further negotiations with the minority for higher valuation of these Companies. Accordingly, the Board has approved the buy-out of the minority interest, in lieu of the swap ratio in exchange of shares for the consideration in these Companies, at an aggregate value not exceeding Rs 21.90 crores, exclusive of stamp duty and other charges, as may be applicable.

The proposal for the swap ratio for exchange of shares in the transferee Company (Titan Industries Ltd) based on the revised valuations was considered and in the light of the total purchase of minority interest in these Companies, the proposal has now become redundan