Vardhman Textiles Board approves hiving off sewing thread business
01 Mar '07
2 min read
(ii) The demerger of the threads undertaking of VTL including all assets and liabilities associated with the said undertaking and its vesting in VYTL. The appointed date for vesting of the threads undertaking of VTL will be April 01, 2007.
(iii) For every 2 shares held in VTL, each equity shareholder of VTL will be issued 1 equity share of face value of Rs 10/- each credited as fully paid up in VYTL and shall retain 1 equity share of the face value of Rs 10/- each as fully paid up in VTL. This swap ratio is based on the recommendations of independent valuer, i.e., M/s. ICICI Securities Ltd.
(iv) The Scheme is subject to the requisite approval of the shareholders and creditors of the Company, VTL & VYTL, the Hon'ble High Court of Punjab and Haryana at Chandigarh, and any other authorities, which by law may be necessary.
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