Financial Daily from THE HINDU group of publications
Friday, Apr 01, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 01, 2005 |
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Corporate
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Restructuring HC okays demerger of Suryalakshmi mills' yarn division Our Bureau
Hyderabad , March 31 THE Andhra Pradesh High Court has approved the scheme of arrangement of demerger of Suryalakshmi Cotton Mills Ltd yarn division located at Mahabubnagar into Rajvir Industries Ltd. Accordingly, the company has filed certified copy of the court order with the AP Registrar of Companies. In terms of sanctioned scheme of arrangement, the equity shareholders of the company on the record date would be issued one equity share of face value of Rs 10 each in Rajvir Industries Ltd for every three equity shares of Rs 10 each held by them in the company. The shareholders would also get two new equity shares of face value of Rs l0 each in Suryalakshmi Cotton Mills in lieu of three existing equity shares of Rs 10 each held in the company as on the record date. The company has informed stock exchanges that the record date for reckoning shareholders entitled to receive the shares in Rajvir Industries and new equity share in the company in terms of the scheme of arrangement has been fixed as April 13.
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