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| Exchange Disseminated Time | Arvind Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2014, inter alia, has transacted the following:
1. Scheme of Arrangement between Arvind Limited and its wholly owned subsidiary, Arvind Infrastructure Limited for De-merger and Transfer of Real Estate Undertaking to Arvind Infrastructure Limited and Reduction and Restructuring of share capital of Arvind Limited/Arvind Infrastructure Limited pursuant to Sections 391 to 394 read with Sections 78,100 to 103 and other relevant provisions of the Companies Act, 1956 and the Companies Act, 2013 as reviewed and recommended by the Audit Committee of the Company.
The salient features of the Scheme, inter alia, are as under:
a. The appointed date of the scheme would be April 01, 2015
b. The Equity shareholder of Arvind Limited shall receive 1 (One) fully paid up Equity Share of Rs. 10/- each of Arvind Infrastructure Limited for every 10 (Ten) fully paid up Equity Shares of Rs. 10/- each held on the Record Date in the Company.
c. As a part of the scheme, Arvind Infrastructure Limited shall also seek listing on the Stock Exchange(s) after approval of the Scheme by the High Court. |
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