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| Exchange Disseminated Time | Jubilant Industries Ltd has informed BSE that the board of directors of the Company at its meeting held on May 11, 2011, inter alia, approved a Scheme of Arrangement among Enpro Oil Private Limited ("EOPL"), a group Company, the Company and Jubilant Agri and Consumer Products Limited ("JACPL"), a wholly owned subsidiary of the Company. The Scheme provides for the following :
1. Sale of the undertaking of the Company, pertaining to, (i) manufacturing and sale of agri products, consisting of a) single super phosphate, and b) agro chemical for crop products; and (ii) manufacturing and sale of consumer products ("ACP Undertaking") to JACPL by way of a slump sale on a going concern basis.
2. Issue of 38,36,752 equity shares of Rs 10/- each in the Company to the shareholders of Enpro Oil Private Limited (EOPL) as consideration for the demerger of the undertaking of EOPL, which is engaged in Mall cum Hypermarket business ("Demerged Undertaking") and vesting of the same with JACPL.
This scheme of arrangement among JIL, JACPL and EOPL is subject to court approval and has an appointed date of April 01, 2011. |
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