National Fittings: Merger of Avisa & Banil Approved

The Board of Directors of National Fittings Limited approved the scheme of arrangement for the merger of Avisa Private Limited and Banil Castings Private Limited with National Fittings Limited. As per the share exchange ratio, for every 1000 shares of Avisa, National Fittings will issue 1,03,098 equity shares. For every 1000 shares or compulsorily convertible preference shares of Banil, National Fittings will issue 472 equity shares. The share exchange ratio is based on a valuation report by Registered Valuer Anurag Singal and a fairness opinion from Jajodia Equity Advisors Services Limited.