Financial Daily from THE HINDU group of publications
Wednesday, Jan 30, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jan 30, 2002 |
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Corporate
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Restructuring Godrej Foods demerger okayed Our Bureau
MUMBAI, Jan. 29 The demerger of Godrej Foods Ltd (GFL) has been approved by the Bombay High Court and the Jabalpur High Court. The demerger scheme announced in July 2001 involves the merger of the manufacturing business of Godrej Foods, along with its marketing, sales, finance and other related divisions, with Godrej Industries Ltd (GIL). Under the scheme, every shareholder of GFL will be issued one share of GIL for 15 shares of GFL, the face value of which has been reduced to Re 1 consequent to the demerger. The appointed date for the demerger was June 30, 2001. With this, a new foods division has been created in GIL to be headed by Mr M.P. Pusalkar, who was the Executive Director, GFL. Post-merger, GFL will retain the oil trading business. As a part of the scheme, the paid-up share capital of GFL of Rs 28,36,88,370 amounting to 2,83,68,837 shares of face value Rs 10 each will be reduced to Rs 2,83,68,837 or 2,83,68,837 shares of face value of Re 1 each.
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