Mirza Tanners Ltd. has informed the Exchange that the BoD's at their meeting held on October 28, 2004 have approved the merger of Leather Trends Private Limited (LTPL) with Mirza Tanners Ltd. (MTL) w.e.f. April 01, 2004 subject to necessary approvals and compliances, in order to restructure the group operations and to consolidate the shoe business by enhancing the ladies as well as gents' footwear. During the financial year 2003-04, Leather Trends Pvt. Ltd. has achieved a turn over of Rs.13.77 crores and earned PBT of Rs.2.33 crores and PAT of Rs.1.75 crores. This works out to an EPS Rs.19.41 on the capital of 9 lacs shares of Rs.10/- each amounting to Rs.90 lacs. The Board has approved the recommendations of PricewaterhouseCoopers Pvt. Ltd. on theEntitlement Ratio for issue of equity shares of MTL to the shareholders of LTPL as 5:2 i.e. five equity shares of Rs.10/- each fully paid up of MTL for two equity shares of Rs.10/- each of LTPL resulting in an increase of 22,50,000 fresh equity shares of Rs.10/- each of Mirza Tanners Ltd.