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The board of directors of Integra Essentia have approved the scheme of amalgamation of the company and G G Engineering. Integra Essentia is backed by LIC. According to data rooted from trendlyne, LIC has more than 1 per cent stake in the company.G G Engineering is in the business of superior Infrastructural & Structural Steel, and Engineering products which are used for diverse applications in various industries, like infrastructure, construction, mega projects, modern buildings, high-rise residential and commercial projects, engineering set-ups among others. The state-run Life Insurance Corporation of India (LIC) backed company in a statement said the merger will enhance and strengthen the Integra Essentia's infrastructure division, improving its operational capabilities and market competitiveness. It aims to enrich the combined product offerings and expand the customer base both locally and globally.Shareholders of both companies are also likely to benefit from increased value created through business synergies, cost savings, reduced administrative/operating costs, and improved financial performance of the merged entity.The company in a regulatory filing, said "Integra Essentia Limited” shall issue and allot 48 Equity Shares of Face Value of INR 1/- (Rupees One Each) each to Equity Shareholders of “G G Engineering Limited” for every 100 Equity Share of Face Value of INR 1/- (Rupees One Each) each held by them in the Transferor Company.The company had issued bonus shares in the ratio of 1:1 in January this year, as per BSE website.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)