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| Exchange Disseminated Time | Jubilant Industries Ltd has informed BSE regarding a Press Release dated May 11, 2011 titled "Jubilant Industries board approves scheme of arrangement to Restructure its business and enable Foray into Mall cum Hypermarket format".
Press Release:
"Jubilant Industries Ltd, (JIL) a leading Agri & Performance Polymers company, headquartered in Noida, India, announced today that its board has approved the scheme of arrangement to restructure its businesses by vesting its Agri and Consumer Products business (ACP) with its wholly owned subsidiary Jubilant Agri and Consumer Products Ltd (JACPL).
JACPL, intends to acquire the division comprising sales of consumer products, whole sale trade & leasing of mall space of Enpro Oil Pvt Ltd (EOPL) to foray into the high growth potential Hypermarket business. JACPL is also engaged in agri and consumer products. JIL will issue its equity shares to the shareholders of EOPL, a Jubilant Bhartia Group Company, at a valuation determined by Price Waterhouse & Co (PwC) and a fairness opinion given by Kotak Mahindra Capital Company Ltd.
This scheme of arrangement among JIL, JACPL and EOPL is subject to court approval and has an appointed date of April 01, 2011.
Commenting on this development, Hari S. Bhartia, Chairman of Jubilant Industries Ltd said:
“Jubilant Industries’ foray into Mall cum Hypermarket format is a strategic initiative that will enable the Company to grow faster and deliver better value to all its stakeholders. It will also facilitate better utilization of the resources to be deployed in the high growth Mall cum Hypermarket business which has huge untapped potential. Jubilant Bhartia Group has nurtured this business over a decade and this move will enable both the businesses to grow
to the next level and create a better value proposition”. |
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