Interloop approves merger of wholly-owned subsidiary

By MG News | October 29, 2020 at 11:49 AM GMT+05:00

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October 29, 2020 (MLN): The Board of Directors of Interloop Limited, in its meeting held on October 28, 2020, has passed a resolution approving a scheme of amalgamation to amalgamate its wholly-owned subsidiary, IL Apparel (Private) Limited with and into the Interloop Limited.

As such, as of the Completion Date of January 31, 2021, the entire undertaking IL Apparel (Private) Limited will stand merged with and into the Interloop Limited.

According to the notice issued to Exchange, the Board has also passed a resolution approving disinvestment of entire shareholding (31,825,000 Ordinary Shares representing 31.61% of total shareholding therein) in IL Bangla Limited, a Bangladesh based Associated Company, subject to the approval of the members of the Company and all other regulatory approvals as may be necessary in this regard.

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