Financial Daily from THE HINDU group of publications
Wednesday, Feb 04, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 04, 2004 |
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Corporate
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Restructuring L&T agrees to ballot on changes to Cemco demerger Our Bureau
Mumbai , Feb. 3 SPARKS flew at the extraordinary general meeting of Larsen & Toubro on Tuesday, with minority shareholders moving several amendments to the resolutions pertaining to the demerger and sale of L&T's cement division (Cemco). At the time of going to press, the EGM was still going on, but the management of L&T had agreed to a ballot on some of the amendments sought. The minority shareholders held that the valuation of Cemco had been done randomly and that it should be revised. In addition, they said, the shares of L&T which are to be bought by its employees (under the umbrella of a trust) from Grasim should be looked upon by SEBI as a preferential offer and that the shares should be offered at a rate that is related to the market price. The other demand was that Cemco should be listed before an open offer is made by Grasim. They have also demanded that when the cement business is sold to Grasim, it is Grasim that should give shares in the company to the shareholders. L&T had recently announced to the stock exchanges the outcome of the demerger process in terms of equity.
More Stories on : Restructuring | Cement
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