Zandu Realty soars 20%, Emami Infra up 5% on merger nod

Shares of Emami Group Companies - Zandu Realty (up 20% at Rs 1,491) and Emami Infrastructure (up 5% at Rs 155) - are locked in their respective upper limit of circuit filter after their boards approved the scheme of amalgamation. The board of directors of the two companies met on Saturday to propose the amalgamation where Zandu Realty (ZRL) shareholders will get 7 shares of Emami Infrastructure (EIL) of face value of Rs 2 for every share of face value of Rs 100 held on the record date. The merger scheme is subject to approval by shareholders, market regulator Sebi and the National Company Law Tribunal, among others. Both EIL and ZRL are engaged in real estate activities of construction and development of residential, commercial or retail premises. Financial Astrology Tips