New Delhi: Godrej Properties Thursday said the company will merge its fully-owned subsidiary Godrej Waterside Properties into itself.
In a filing to the BSE, Godrej Properties has informed that the board, in its meeting held Thursday, approved the scheme of amalgamation of Godrej Waterside Properties Pvt Ltd with Godrej Properties under sections 391 to 394 of the Companies Act, 1956.
"No shares are proposed to be issued pursuant to the scheme since Godrej Waterside Properties Pvt Ltd is a wholly owned subsidiary of Godrej Properties Ltd," the filing added.
The amalgamation scheme is subject to approval of the High Court of Judicature at Bombay, and the shareholders and creditors, if any, of Godrej Waterside Properties, as may be directed by the high court.
Godrej Properties is part of the Godrej Group.
Shares of the company closed at Rs 626.35, up 0.10 percent on BSE.