Modern Food gets board nod for merger with HLL

The board of Modern Food and Nutrition Industries Ltd (MFNIL) has approved the merger of the Modern Food Industries subsidiary with the FMCG major.

Modern Food and Nutrition Industries Ltd will merge with HLL with effect from October. The board of directors of MFNIL have approved the merger proposal, HLL informed the Bombay Stock Exchange.

HLL said the draft schemes, setting out terms and conditions for the merger were duly approved by MFNIL''s board and the company would now seek shareholders as well as Bombay and Delhi High Courts'' approval for the scheme of amalgamation.

HLL had said that under the scheme, the entire shareholding of the two companies would stand cancelled and no recommendation of share exchange ratio would be made.

The HLL board had, recently approved the merger of Modern Food Industries Ltd and its subsidiary MFNIL with itself.