Bharat Fertiliser to demerge business

Bharat Fertiliser Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 17, 2006, inter alia, has accorded to the following:

1. Subject to approval of shareholders, creditors, sanction of the High Court of Mumbai pursuant to Section 391 to 394 of the Companies Act, 1956 and approval / NOC of SEBI, Stock exchange and other regulatory bodies the company hereby accept the proposition of Demerger of the manufacturing division of Wada Alums & Acids Pvt Ltd with the company and in that context to approve of the compromise or arrangement contained or arrangement contained in the Scheme of Demerger.

2. Subject to approval of shareholders, creditors, sanction of the High Court of Mumbai pursuant to Section 391 to 394 of the Companies Act, 1956 and approval / NOC of SEBI, Stock exchange and other regulatory bodies the company hereby accept the proposition of Demerger of the manufacturing division of Wada Alums & Acids Pvt Ltd with the company and in that context, the following exchange ratio, "For every 1 share of Rs 100 each fully paid in the Transferor Company 50 shares of Rs 10/- each fully paid in the Transferee Company".

Source : Equity Bulls

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