Champagne Vineyards to take over Indage Hotels Ltd, demerger agriculture business

Champagne Vineyards Ltd has announced that the Board of Directors of the Company at its meeting held on November 29, 2006, inter alia, has approved the following consideration in the scheme of arrangement which would be subject to the approval of Hon'ble Bombay High Court.

1. For taking over Hotel Business Undertaking of lndage Hotels Ltd

The Company shall issue and allot 8 equity shares of the Company of face value of Rs 3/- each to the shareholders of Indage Hotels Ltd (IHL) against every 1 Equity Share of Rs 10/- each held in IHL.

2. For transfer / demerger of Agriculture / Viticulture Business to Indage Vineyards Pvt Ltd.

Indage Vineyards Pvt Ltd (IVPL) shall pay to the Company a sum of Rs 2,30,00,000/-.

Source : Equity Bulls

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