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Our Bureau

Hyderabad, Aug. 28 Mold Tek Technologies Ltd has approved the scheme of arrangement between Teck Men Tools Pvt Ltd (transferor company) and Mold Tek Technologies Ltd (transferee company and the demerged company) and Moldtek Plastics Ltd (the resulting company).

This follows approval by the company board at its meeting on August 27.

With this arrangement, for every 100 equity shares, shareholders would get 28 shares in the demerged company — Mold Tek Technologies Ltd and 72 shares in the resultant company —Moldtek Plastics.

The IT (KPO) division would remain in Mold Tek Technologies and the plastics business demerged into Moldtek Plastics.

The merger of Teck Men into Mold Tek Technologies and demerger of plastics division of Mold Tek Technologies (demerged company) into Moldtek Plastics (resulting company) are effective October 1, 2006 and April 1, 2007 respectively.

Accordingly, 242 equity shares of Rs 10 each of Mold Tek Technologies (transferee company) shall be allotted for every 100 equity shares of Rs 10 each held in Teck Men Tools Pvt Ltd (transferor company) amounting to 5.81 lakh shares.

Further, 72 shares of Rs 10 each fully paid up in the share capital of Moldtek Plastics, shall be allotted for every 100 equity shares of Rs 10 each held in the share capital of Mold Tek Technologies.

The Rs 10 paid up equity shares of Mold Tek Technologies issued and outstanding shall be restructured and consolidated into fully paid up equity shares of Rs 10 each.

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