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| Exchange Disseminated Time | Elgitread India Ltd has informed BSE about detailed note on the composite Scheme of Arrangement / Amalgamation :
The composite scheme of Arrangement and amalgamation involves the following Companies
a) Elgitread (India) Ltd (EIL)
b) Elgi Rubber Products Ltd (ERPL)
c) Treadsdirect Ltd (TDL)
d) LRG Technologies Ltd (LRG)
e) Geo Renewable Power Ltd (GEO)
f) Achutha Vulcanising Cement Pvt Ltd (AVCPL)
Business Aspects
Existing: (pre scheme)
EIL is in the business of manufacturing tread rubber, bonding gum, other retreading raw materials, retreading machinery and spares. The Company's business is through the franchisee network all over the Country. Apart from that the Company has six subsidiaries abroad such as
1. Elgitread (Kenya) Ltd
2. Elgitread (Mauritius) Ltd
3. Elgitread Lanka Pvt Ltd
4. Elgitread (Bangladesh) Ltd
5. Elgitread (USA) LCC
6. Elgitread DO Brazil Industria E cornercio De Artefatos De Borracha Ltd
In addition to that the Company is also exporting its products to other foreign countries.
ERPL is in the business of manufacturing reclaimed rubber, which is sold in the local as well as foreign market.
TDL was incorporated with the object of manufacturing retreading raw materials.
LRG is in the business of providing service in retreading tyres and doing job work in manufacture of retreading accessories.
GEO is in the business of providing service in maintenance of Wind turbine generators of group Companies.
AVCPL is in the business of manufacturing black vulcanizing cement which is used in retreading tyres.
New (Post Scheme)
EIL will be in the business of manufacturing reclaimed rubber, black vulcanising cement, retreading machineries and spares and tyre retreading other raw materials other than tread rubber and bonding gum. This is consequent to the demerger of manufacturing division (manufacture of tread rubber and bonding gum) of EIL with TDL, merger of ERPL with EIL, merger of AVCPL with EIL and demerger of accessories division (manufacture of other retreading raw materials) of LRG with EIL.
TDL will be in the business of manufacturing tread rubber and bonding gum and providing service in retreading tyres. The Company will have the six foreign subsidiaries as referred above.
Financial Aspects
1. The share allotment to the shareholders of the respective Companies involved in the scheme is as under:
- 2 (two) fully paid up equity share of Re 1/- each of Treadsdirect Ltd to be issued for every 1 (one) fully paid-up equity share of Rs 1/- each held in Elgitread (India) Ltd
- 7 (seven) fully paid up equity shares of Re 1/- each of Treadsdirect Ltd to be issued for every 1 (one) fully paid-up equity share of Rs 10/- each held in LRG Technologies Ltd
- 2 (two) fully paid up equity shares of Re 1/- each of Elgitread (India) Ltd to be issued for every 1 (one) fully paid-up equity share of Rs 10/- each held in LRG Technologies Ltd
- 280 (two hundred and eighty) fully paid up equity shares of Re 1/- each of Elgitread (India) Ltd to be issued for every 1 (one) fully paid-up equity share of Rs 10/- each held in Elgi Rubber Products Ltd
- 10 (ten) fully paid up equity shares of Re 1/- each of Elgitread (India) Ltd to be issued for every 1 (one) fully paid-up equity share of Rs 10/- each held in Achutha Vulcanising Cement (P) Ltd. |
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