Sumuka Agro Industries Ltd to consider merger of Gujjubhai Foods Pvt Ltd

The restructuring committee ("Restructuring Committee") of Sumuka Agro Industries Limited ("Company"), held its meeting on November 28, 2022 and is evaluating the possibility of a merger involving the Company, certain promoter of the Company and Gujjubhai Foods Private Limited. This exercise is being contemplated in order to enable better management focus and control of the business, achieve a reduction in overheads, administrative, managerial, and other expenditures of the Company ("Proposed Restructuring").

It is currently anticipated that the Proposed Restructuring will not result in a change of the aggregate shareholding of the promoter and promoter group in the Company. However, please note that currently the Restructuring Committee is evaluating options and there is no definitive binding proposal or arrangements for the restructuring or reorganization at the date of this disclosure. The Company shall intimate you as and when, in accordance with the Regulations, details are finalized in connection with the Proposed Restructuring or if there is any change which mandates any updated intimation.

Source : Equity Bulls

Keywords

SumukaAgroIndustries GujjubhaiFoods Merger Restructuring