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| Exchange Disseminated Time | Pudumjee Pulp & Paper Mills Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 17, 2015, has considered and approved a Scheme of Arrangement between the Company, Pudumjee Industries Limited, Pudumjee Hygiene Products Limited and Pudumjee paper Products Limited and their respective shareholders and creditors.
The Scheme, inter alia, envisages demerger of the paper manufacturing business of the Company, with all its assets and liabilities, into Pudumjee Paper Products Limited. The scheme shall be subject to approvals by Stock Exchanges, SEBI, Shareholders, Creditors and any other regulatory authorities as applicable and sanction of the High Court of Bombay.
Shareholders of the Company shall receive 37 equity shares of Pudumjee Paper Products Limited of Rs. 1 each for every 20 equity shares of Rs. 2 each held in the Company on the Record Date. As part of the scheme, Pudumjee Paper Products Limited shall also seek listing on the stock exchanges. |
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