Praveg Board approves the amalgamation of Eulogia Inn

Praveg Limited informed to the exchanges that the Board of Directors has considered and approved schemes for the proposed amalgamation of Eulogia Inn Private Limited (EIPL) into and with Praveg Limited. 

The proposed merger between EIPL and Praveg Limited signifies a strategic consolidation, the company said in a statement.

This consolidation is designed to optimize operational efficiency, foster a sharper business focus, and harness synergies from both entities, all under the robust leadership of Praveg, it added. 

Currently, EIPL owns and operates a hotel in Ahmedabad comprising of 45 rooms, 3Banquets and 2 conference halls.

Based on the reports of the independent valuer, the Board has approved swap ratio for the proposed amalgamation as 27 equity share of Praveg Limited of the face value of ₹10/- each each credited as fully paid-up for every 187 equity share of ₹10/- each fully paid-up held by such member in the Eulogia Inn Private Limited (EIPL). Total 1732622 new equity shares of Praveg will be issued to the shareholders of Eulogia Inn Private Limited (EIPL).

The amalgamation will drive a strong synergy through optimal utilisation of existing resources, expertise and infrastructure of both the companies.