Hon'ble High Court of Judicature at Bombay sanctions Scheme of Demerger of Gabriel India

Gabriel India Ltd has announced that the Hon'ble High Court of Judicature at Bombay has sanctioned the Scheme of Demerger i.e. Scheme of Arrangement and Restructuring between the Company and Anand Engine Components Ltd and their respective shareholders and creditors under Sections 391 and 394 of the Companies Act, 1956. Accordingly, the Hon'ble High Court has inter alia sanctioned the vesting of the Engine Bearings Division of the Company in Anand Engine components Ltd.

The appointed date for the same is April 01, 2006.

Shares of the company were trading at Rs.28.75, up by Re.0.25 or 0.88%. The stock had hit an intraday high of Rs.29.80 and low of Rs.28.45.

Source : Equity Bulls

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