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| Exchange Disseminated Time 03/11/2016 16:40:58 | Tube Investments of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 03, 2016 approved the Scheme of Arrangement (hereinafter referred to as “the Scheme”) pursuant to Sections 391 to 394 read with Sections 100 and 103 and other applicable provisions of the Companies Act, 1956/Companies Act, 2013 whereby the Manufacturing Business Undertaking of the Company (hereinafter referred to as “Demerged Company”), which includes manufacturing of tubes, strips, tubular components, bicycles and fitness products, chains for automobile sector and industrial applications, roll-formed sections, other metal formed products, industrial gears, designing and manufacturing of dies, will be demerged, on a going concern basis into Tl Financial Holdings Limited, a Wholly-owned Subsidiary of the Company (hereinafter referred to as “Resulting Company”). The Appointed Date for the demerger is 1st April, 2016.
Consequent to the demerger of the Manufacturing Business Undertaking, the Resulting Company will issue 1 (One) fully paid up Equity Share of Re.1 (Rupee One Only) each of the Resulting Company for every 1 (One) fully paid up equity share of Rs.2 (Rupees Two) each held in the Demerged Company. The Scheme provides for the listing of the equity shares to be issued by the Resulting Company pursuant to the Scheme.
The Scheme also provides for reduction of the face value of Demerged Company from Rs.2/- each fully paid to Re.1/- each fully paid.
The Scheme is subject to necessary statutory and regulatory approvals including the approval of the Hon’ble High Court of Judicature of Madras (hereinafter referred to as “High Court”), the Stock Exchanges, the Securities & Exchange Board of India, the respective shareholders of both the companies.
The Scheme will be effective on the date on which the authenticated copies of the orders of the High Court, sanctioning the Scheme, are filed with the Registrar of Companies, Tamilnadu, Chennai. |
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