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Shareholders of Man Industries (India) have approved the demerger of the company’s saw pipes, real estate and infrastructure operations and subsequent merger of the division into Man Infraprojects Ltd. Almost all the shareholders voted in favour of the merger, Man Industries said in a filing to the stock exchanges. Under the scheme of demerger, shareholders of Man Industries will be issued one share of the real estate entity for every share held. The scheme of arrangement now requires the approval of the Bombay High Court. Shares of Man Industries on Monday closed 1.2 per cent higher at ₹73.15 on the NSE.
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