Financial Daily from THE HINDU group of publications
Friday, Mar 25, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 25, 2005 |
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Corporate
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Mergers & Acquisitions Carborundum to rejig holdings in subsidiaries Our Bureau
Chennai , March 24 CARBORUNDUM Universal has announced a restructuring of holdings in its subsidiaries, so that the company holds shares in Laserwords Pvt Ltd directly rather than through Webword Holdings & Management Pvt Ltd. At present, Carborundum holds 68.5-per cent stake in Webword, which, in turn, holds 65 per cent in Laserwords. Therefore, effectively Carborundum holds 44.5 per cent in Laserwords. Now, as per the `scheme of amalgamation,' Carborundum will surrender its 68.5-per cent stake in Webword, and in return, receive 44.5-per cent stake in Laserwords. There will be no consideration for the transaction. The other 31.5 per cent in Webword is held by other Murugappa group companies. These companies will also similarly surrender their shares in Webword and receive shares in Laserwords. After the scheme is implemented, Carborundum and the Murugappa group companies will hold stake in Laserwords directly. Webword Holdings, as a company, will cease to exist. Company sources said the move was to simplify the holding structure. Laserwords undertakes assignments for editing work from overseas publishers of scientific books.
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