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Our Bureau

New Delhi , Feb. 9

JK Industries Ltd (JKI) is planning to hive off the investments of the company into a separate undertaking as part of its second phase of restructuring. The restructuring would enable JKI to emerge as a completely tyre-focused firm, a company release stated.

"The restructuring will provide JKI a focused approach and enable value maximisation for the shareholders," Mr Hari Shankar Singhania, Chairman of J K Industries, said, adding that the investments held by JKI would be transferred to a new company, NewCo.

The company's board has approved the restructuring proposal of allocating the existing equity capital of Rs 37.46 crore, which comprises 3.74 crore equity shares of Rs 10 each, between JK Industries and NewCo. JKI informed the Bombay Stock Exchange that the new company would also be a listed company.

Shareholders holding 100 equity shares of JKI would receive 75 shares of Rs 10 each of the main company and 25 shares of the new investment company.

More Stories on : Restructuring | Tyres

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