Following recommendation of the Audit Committee, the Board of Directors of the Company in their today’s meeting approved merger of the Company with its Indian Subsidiary, IFGL Exports Ltd, under the provisions of section 391 to 394 of the Companies Act, 1956 and the corresponding provisions of the Companies Act, 2013, as applicable, with the appointed date of 1st April, 2016, subject to necessary approvals and/or permissions including sanction of the Scheme of Amalgamation by the jurisdictional High Court(s). Share Exchange Ratio approved is 1:1 i.e., One Equity Share of Rs. 10/- each of the subsidiary Company credited as fully paid-up for every one Equity Share of Rs. 10/- each fully paid-up held in the Company.

Following provisions of Regulation 37 of SEBI (LODR) 2015, draft Scheme of Amalgamation is being separately filed with the Stock Exchanges for Observation/No objection letter and the Board of Directors of the Company have selected National Stock Exchange Ltd as the Designated Stock Exchange.