Arbitrage Opportunity in IOC and BRPL?

According to the November 2006 BSE announcement here, BRPL is going to be merged with IOC in a share swap ratio of 37:4. The amalgamation was approved in March 2008 here. The BSE closing share price of BRPL and IOC on March 5, 2009 was INR 37.95 and INR 437.95. If you buy 370 shares of BRPL with INR 14041.5, you will get 40 shares of IOC worth 17518, a return of 24.75%. The record date for merger is not announced yet.

You are protected till the share price of IOC goes below 351.04.