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| Exchange Disseminated Time | NRB Bearings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 12, 2011, has considered and approved the Scheme of Arrangement between NRB Bearings Ltd. ('NRB' or 'the Demerged Company') and NRB Industrial Bearings Private Ltd. ('NIBL' or 'the Resulting Company') and their respective shareholders and creditors ('the scheme') under section 391 to 394 read with Sections 100-103 and other applicable provisions of the Companies Act, 1956.
The salient features of the scheme are as under:
1. The Appointed Date for the Scheme of Arrangement will be April 01, 2012.
2. The scheme envisages demerger of Industrial Bearings Undertaking of NRB Bearings Ltd. into NRB Industrial Bearings Private Ltd.
3. Upon demerger, NIBL shall issue and allot to the equity shareholders of NRB, fully paid-up equity shares in the following ratio.
"In respect of every 4 (Four) Equity Share of Rs. 2 each, held by the shareholders in NRB, 1 (one) Equity Share of NIBL of Rs. 2 each fully paid up."
4. Pursuant to Scheme, NIBL shall be listed on Bombay Stock Exchange Limited and National Stock Exchange of India Ltd.,
5. The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders and creditors of the Companies, the Hon'ble High Court of Judicature at Bombay, the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. |
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