Stocks

Weizmann to list demerged entities on BSE, NSE

PTI Bangalore | Updated on June 25, 2011

Weizmann Group, a Rs 3,500-crore diversified conglomerate having interests in money changing and Western Union Money Transfer business among others, would list the two demerged entities from its flagship company Weizmann Ltd — Weizmann Forex Ltd and Karma Energy Ltd — on the BSE and NSE on June 28.

Weizmann Ltd, which completed its Silver Jubilee in 2010, underwent a capital and business restructuring exercise, according to a Group statement.

Pursuant to the approved scheme of arrangement of the company, WFL and KEL allotted 1,15,14,357 equity shares each to the shareholders of Weizmann Ltd in the ratio of two equity shares of Rs 10 each of the respective companies for every three equity shares of Rs 10 each held in Weizmann Ltd.

The Weizmann Managing Director, Mr Chetan Mehra, said: “This exercise will unlock value for our shareholders and will also enable the Group to have a focused approach in its businesses.”

Published on June 25, 2011

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