NEW DELHI: GMR Industries will relist its new securities on the bourses on September 24, pursuant to the demerger of its ferro alloys division.
"The new securities of GMR Industries Ltd will be listed and permitted for trading on both BSE and NSE with effect from September 24," a company release said.
The board of directors of the company in its meeting held on August, 2006 has approved the proposal entailing the demerger of the ferro alloys division to a separate company GMR Ferro Alloys & Industries Ltd, subject to necessary approvals.
The scheme of arrangement was approved by the Andhra Pradesh High Court by its order dated April 19, 2007.
As per the scheme, in lieu of every 100 shares held by the shareholders in GMR Industries, 62 new shares in GMR Industries Ltd, (the demerged company) and 38 shares in GMR Ferro Alloys & Industries Ltd were allotted.
The issued equity capital of the company before the scheme of arrangement was Rs 32.19 crore which increased to Rs 19.96 crore.
GIDL is engaged in sugar production and has a plant at Srikakulam district of Andhra Pradesh. Two other projects are under development in
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