LIC-Backed FMCG Stock Appoints PwC For Merger Plan With GG Engineering: Do You Own?

A small-cap firm operating in the FMCG industry is Integra Essentia. The stock has been the subject of attention over the last month as a result of many business announcements and LIC's shareholdings. To evaluate the consolidation plan of the company Integra Essentia Limited with G G Engineering Limited, an organization listed on the BSE Limited from a tax and regulatory viewpoint, the firm has hired Price Waterhouse & Co LLP, a Big4 Advisory Firm.

"We would like to inform that the Company has appointed Price Waterhouse & Co LLP (an individual member firm of the network of member firms of PricewaterhouseCoopers International Limited (PwC IL)), a Big4 Advisory Firm for the evaluation of consolidation proposal of the Company (Integra Essentia Limited) with G G Engineering Limited, a company listed on the BSE Limited (Script code: 540614) from tax and regulatory perspective," said Integra Essentia in a stock exchange filing on Thursday.

The board of GG Engineering Ltd. approved the company's merger with Integra Essentia Limited, which operates in the steel and renewable energy sectors, last month. The project is still awaiting a number of further required authorizations, according to GG Engineering's regulatory filing on September 20. The board believes that the merger will offer a broader variety of life-necessary products, FMCG goods, energy & infrastructure products.

Integra Essential Ltd told the Indian stock exchanges last month that it had received a new order worth Rs 12 crore. These contracts for the delivery of premium rice and cashew nuts to reputable exporter Ayush International were awarded to the company by Himalayan Bio Organic Foods and Sarveshwar Overseas Limited.

On Friday, the shares of Integra Essentia opened on the BSE at a lower circuit of Rs 6.16 down by 2% over the previous close of Rs 6.28. The shares of Integra Essentia made a 52-week-high of Rs 9.35 on (20/12/2022) and a 52-week-low of Rs 5.10 on (28/08/2023). During Q1FY24, the company recorded promoters' shareholding of 20.81% and public stake of 79.19%. During the April to June 2023 quarter, insurance giant LIC held 48,59,916 shares in the company which is 1.06% of the total paid-up capital of the company.