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Jul 19, 2009

Salzer Electronics and Salzer Cables merger !


The shareholders of Salzer Electronics and Salzer Cables have approved the merger of Salzer Cables with Salzer Electronics.Managing Director of Salzer Electronics R. Doraiswamy told presspersons here on Saturday, after an EGM, that Salzer Cables was initiated as a separate venture with 49 per cent holding of Larsen & Toubro and 51 per cent by the Salzer promoters.

With the merger, Larsen & Toubro’s holding in Salzer Electronics would be 26 per cent and the promoters, with associates, would have 51 per cent share.The share swap ratio would be 1:4.2.

A media release from the company said, Salzer Cables was merged with Salzer Electronics subject to the sanction of the Chennai High Court.

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