Unitex Designs Ltd has informed that the Board of Directors of the Company at its meeting held on January 03, 2008, has considered and approved the following:
1. The scheme of arrangement subject to the approval of the High Court, Stock Exchange, Shareholders, Creditors and other statutory authorities relating to:
a. The Merger of M/s. SKM Fabrics (Amana) Ltd with the Company and the Share Swap Ratio for merger is two (2) Equity Shares Rs 10/- each of the Company for every one (1) Equity Share of Rs 10/- each held by SKM Fabrics (Amana) Ltd.
b. The De-merger of Process House division of M/s. S Kumars Ltd into the Company and the share swap ratio for De-merger of Process House Division is Seven (7) Equity Shares of Rs 10/- each of the Company for every one (1) equity Share of Rs 100/- each held in S Kumars Ltd.
2. The Board has, in view of the proposed scheme of Arrangement as mentioned aforesaid, decided not to proceed with the Rights Issue of the Company.
1. The scheme of arrangement subject to the approval of the High Court, Stock Exchange, Shareholders, Creditors and other statutory authorities relating to:
a. The Merger of M/s. SKM Fabrics (Amana) Ltd with the Company and the Share Swap Ratio for merger is two (2) Equity Shares Rs 10/- each of the Company for every one (1) Equity Share of Rs 10/- each held by SKM Fabrics (Amana) Ltd.
b. The De-merger of Process House division of M/s. S Kumars Ltd into the Company and the share swap ratio for De-merger of Process House Division is Seven (7) Equity Shares of Rs 10/- each of the Company for every one (1) equity Share of Rs 100/- each held in S Kumars Ltd.
2. The Board has, in view of the proposed scheme of Arrangement as mentioned aforesaid, decided not to proceed with the Rights Issue of the Company.
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