Chembond Chemicals Limited’s shares were up by 12.72 per cent after the company revealed the approval of a composite scheme aimed at restructuring its business divisions.
The Board of Directors sanctioned a scheme involving the demerger of the construction chemicals and water technologies segments into Chembond Chemical Specialties Limited (CCSL), along with the amalgamation of Chembond Clean Water Technologies Limited into CCSL.
Simultaneously, Chembond Material Technologies Private Limited, Phiroze Sethna Private Limited, and Gramos Chemicals (India) Private Limited will merge into CCL. As part of this transition, the corporate names of both entities will undergo a change: CCL will be renamed Chembond Material Technologies Limited, and CCSL will become Chembond Chemicals Limited.
Upon effective implementation, CCL shareholders will receive 2 (two) equity shares of CCSL for every 1 (one) equity share held in CCL. This restructuring aims to establish two independent listed entities, each concentrating on distinct business verticals.
The shares were up by 12.72 per cent to ₹557.00 at 2:21 pm on the BSE.