Morarjee Textiles Ltd has announced that the Board of Directors of the Company at its meeting held on March 08, 2010, resolved that the Company should consider and evaluate the merger of its subsidiary Integra Apparels and Textiles Ltd. ('IATL') with the Company.

IATL is engaged in the business of manufacturing of readymade garments for the domestic and international markets. Currently, the Company holds 94.31% of the equity capital of IATL.

The Board suggested that valuers be appointed to determine the share exchange ratio and fair opinion on the valuation report for the merger. The Board also recommended that consultants be appointed to evaluate the merger from a tax and regulatory perspective and also assist the Company in the implementation of the proposed merger.

Further the Board of Directors also accepted the resignation tendered by Mr. P. K. Gothi as Director of the Company with effect from March 05, 2010.

The stock was trading at Rs.18.95, up by Rs.2.10 or 12.46%. The stock hit an intraday high of Rs.19.80 and low of Rs.17.95.

Source: My Iris