Dalmia Bharat Sugar rises on board nod to demerger of 2 non-core units
Shares of Dalmia Bharat Sugar and Industries Ltd rose 1.34 percent to Rs 375.45 in the morning trade on June 30 after the board approved a scheme of arrangement between the company and Dalmia Bharat Refractories for the transfer of two non-core business units.
In an after-market-hours filing on June 28, Dalmia Bharat Sugar said its DMC unit, which manufactures refractories, and GT unit, engaged in the business of tour and travel services, would be demerged and vested into Dalmia Bharat Refractories Limited as a going concern.
One equity share (face value of Rs 10 each) of Dalmia Bharat Refractories will be issued and allotted to the shareholders of Dalmia Bharat Sugar and Industries Limited for every 39 fully paid equity shares (face value of Rs 2 each) held by them in Dalmia Bharat Sugar.
No cash consideration is payable under the scheme.
The scheme is subject to necessary statutory and regulatory approvals , including from the National Company Law Tribunal, Chennai Bench.
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