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Camson Bio Technologies has received shareholders and creditors approval to spin off its seed business into a separate entity.
The meeting was held on Thursday as per the High Court of Karnataka order. The company will now file the outcome (petition) of the meeting with the High Court.
The demerged entity will undertake production and cultivation of quality seeds for enhancing farmers’ income. The shareholding pattern of Camson Seeds will mirror the shareholding pattern of CBTL.
Santosh Nair, Chief Executive Officer, Camson Bio Technologies, said stakeholders have showcased their faith in the company’s vision and prospects of value to be created after the demerger of seed business.
Shares of the company were up four per cent at ₹118 on Thursday.
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