LG Balakrishnan & Bros Ltd has informed that the Board of Directors of the Company at its meeting held on December 31, 2007, has approved the details of the Scheme for demerger of the Forging division Into a separate Company.
The Board accepted the recommendations contained in the scheme of demerger whereby the Company will be demerged the Forging Division consisting of Hot Forging Division, Warm Forging Division & Cold Forging Division into a separate Company. LGB Forge Ltd with effect from April 01, 2008 through High Court approved process.
The Board accepted the share entitlement ratio for the demerger, subject to regulatoryapprovals. As per the share entitlement ratio, the shareholders of the Company will beissued, at no cost, 1 (One) fully paid up equity share of Re 1/- each in LGB Forge Ltd for every 1 (One) share of Re 1/- each of the Company held. The Demerger share entitlement ratio approved by the Board is on the basis of valuation reports received from two independent Valuers. Post demerger, shares of LGB Forge Ltd will be listed on the exchanges where the Company is currently listed (i.e. Bombay Stock Exchange Ltd (BSE), National Stock Exchange of India Ltd (NSE), Madras Stock Exchange Ltd (MSE), & The Coimbatore Stock Exchange Ltd (CSX).
The demerger, will be in compliance with the provisions of Section 2(19AA) of the Income Tax Act, and is considered the most efficient, tax neutral and shareholder friendly mechanism to restructure the business.
The above restructuring will be subject to relevant approvals and confirmation of the demerger scheme by the High Court of Madras.
The Board accepted the recommendations contained in the scheme of demerger whereby the Company will be demerged the Forging Division consisting of Hot Forging Division, Warm Forging Division & Cold Forging Division into a separate Company. LGB Forge Ltd with effect from April 01, 2008 through High Court approved process.
The Board accepted the share entitlement ratio for the demerger, subject to regulatoryapprovals. As per the share entitlement ratio, the shareholders of the Company will beissued, at no cost, 1 (One) fully paid up equity share of Re 1/- each in LGB Forge Ltd for every 1 (One) share of Re 1/- each of the Company held. The Demerger share entitlement ratio approved by the Board is on the basis of valuation reports received from two independent Valuers. Post demerger, shares of LGB Forge Ltd will be listed on the exchanges where the Company is currently listed (i.e. Bombay Stock Exchange Ltd (BSE), National Stock Exchange of India Ltd (NSE), Madras Stock Exchange Ltd (MSE), & The Coimbatore Stock Exchange Ltd (CSX).
The demerger, will be in compliance with the provisions of Section 2(19AA) of the Income Tax Act, and is considered the most efficient, tax neutral and shareholder friendly mechanism to restructure the business.
The above restructuring will be subject to relevant approvals and confirmation of the demerger scheme by the High Court of Madras.
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