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| Exchange Received Time 10/10/2018 17:17:12 Exchange Disseminated Time 10/10/2018 17:17:21 Time Taken 00:00:09 | In furtherance to intimation dt 10 August 2018, we wish to inform that to segregate its upcoming financial services, insurance business from its other businesses and to have focused business operations by the Company on Life and General Insurance, Customer platform and other financial services business, and further to streamline its ownership structure by providing its shareholders direct ownership in SORIL Infra Resources Limited (SORIL), the Reorganization Committee of the Company has decided to recommend to the Board the proposal for demerger, on a going concern basis, its non-financial business segment(s) undertakings to SORIL, subject to all applicable approvals.
The proposed demerger would provide Company's shareholders direct shareholding in SORIL and facilitate them to diversify their portfolio into separate entities focused on two segments viz. insurance & finance and other non-finance business.
For details, pls refer attachment. |
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