Mumbai, May 19: Bayer Cropscience India Ltd's (BCIL) board has approved its merger with Bayer India Ltd (BIL) in a share swap ratio of five equity shares of BIL of face value of Rs 10 each for every three equity shares of BCIL of Rs 10 each. Under the proposed scheme of arrangement, the merger would take place with effect from April 1, 2003, with all assets, liabilities and obligations of BCIL vesting with BIL, BCIL informed the Bombay Stock Exchange today.
The exchange process would take place after sub division of BIL capital into equity shares of face value Rs 10 each.

The merger was subject to all regulatory approvals, including that of shareholders of both the companies, it stated.

In a separate meeting, the board of Bayer India also gave its nod to the merger proposal.

Bureau Report