Mumbai, July 31
The Board of Directors of Man Industries (India) Ltd, which met on Monday, approved a proposal to de-merge its aluminium division, describing it as a move to enhance shareholders value.
The proposed scheme of de-merger envisages a share exchange ratio of one equity share of the face value of Rs 10 each of the resulting company for every eight equity shares of face value Rs 10 each held in Man Industries.
Mr R.C. Mansukhani, Chairman of the company, described this as another step in consolidation of its core business. He said the de-merger of the aluminium division would lead to better and specialised management of this division by a single entity.
Net rises 44 pc
The company reported a 44 per cent jump in its net profit for the first quarter of this fiscal to touch Rs 10.43 crore, as against Rs 7.24 crore in the corresponding quarter of the last fiscal. During the quarter, its total sales touched Rs 208.30 crore (Rs 120.80 crore), marking an increase of 72 per cent.