S.Kumars Nationwide to demerge retails business, issue preference shares as per CDR package

S.Kumars Nationwide Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2007 has transacted the following:

1. Accepted the recommendations of the Committee to approve in principle the demerger of the retail business subject to necessary authorizations. However, the Board sought certain clarifications including the finalization of the swap ratio, and therefore deferred the final approval of the Scheme of Arrangement for the demerger for consideration at a subsequent Board Meeting.

2. The issue and allotment of 2379786 0.01% Redeemable Preference Shares of Rs 100/- each to lenders as per CDR Package was approved.

Source : Equity Bulls

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