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| Exchange Disseminated Time | Elgi Rubber Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 10, 2010, inter alia, has taken the following decisions:
1. To restructure the business of the Company with effect from April 01, 2010 through a
Composite Scheme of Arrangement and Amalgamation by amalgamating the Company along with Treadsdirect Ltd. into Elgi Rubber International Ltd., a Company which will eventually be listed on the National Stock Exchange of India Ltd, Mumbai.
2. De-merging certain divisions of Treadsdirect Ltd. to Treadsdirect (India) Ltd., which will become a Wholly Owned Subsidiary Company of Elgi Rubber International Ltd.
3. The Board of Directors have constituted a Committee of Directors named "Amalgamation and Restructuring Committee" to determine the swap/share entitlement ratio, as recommended by M/s. Reddy Goud and Janardhan, Chartered Accountants, Bangalore and to finalise and approve the Composite Scheme of Arrangement and amalgamation. |
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