The Hindu Business Line : L&T cement biz demerger effective date May 14

THE scheme of arrangement for demerger of Larsen & Toubro's cement business has been declared effective as of May 14, L&T has said in its notice to the stock exchanges.

The Bombay High Court had sanctioned the scheme last month. L&T has filed certified copies of the orders with the Registrar of Companies, Maharashtra, said the notice.

In terms of the sanctioned scheme, the company's equity shareholders on the record date will be issued one equity share of the face value of Rs 2 each for every two equity shares held; and two equity shares of the face value of Rs 10 each in UltraTech CemCo Ltd for every five equity shares of the face value of Rs 10 each held.

The company has also informed the exchanges that the record date for reckoning the shareholders entitled to receive its new equity shares in the restructured capital as also the equity shares of UltraTech CemCo Ltd has been fixed as May 27. It is also understood that Grasim Industries which, according to the scheme, buys a stake in UltraTech Cemco, is getting ready for its open offer for the latter.

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