KK Birla group cos announce rejig, to hive off non-core biz

Written By Unknown on Sabtu, 14 Maret 2015 | 23.25

Oudh Sugar Mills and Upper Ganges Sugar and Industries on Saturday announced a multi-layered restructuring whereby by the K K Birla group firms would hive off their "non-core business" into separate listed firms.

Oudh Sugar Mills  and  Upper Ganges Sugar and Industries on Saturday announced a multi-layered restructuring whereby by the K K Birla group firms would hive off their "non-core business" into separate listed firms.

As part of the restructuring exercise, both Oudh and Upper Ganges would segregate their sugar businesses carried out in Bihar and Uttar Pradesh into separate companies and then consolidate them.

In a filing to the BSE, Upper Ganges informed that the board in its meeting held today approved a composite scheme of arrangement for the restructuring of main sugar business and other non-core operations.

Accordingly, Upper Ganges Sugar would demerge its tea and investment business to Ganges Securities. It will transfer the tea business undertaking from Ganges Securities into its 100 per cent subsidiary Cinnatolliah Tea.

Moreover, Upper Ganges would demerge its Bihar sugar business undertakings to Magadh Sugar in a fixed share swap ratio.

Vaishali Sugar, a 100 per cent subsidiary of Oudh Sugar, would be merged with Magadh Sugar. The board also approved the merger of sugar businesses in UP of both Oudh Sugar and Upper Ganges with Avadh Sugar.

Upper Ganges said that the restructuring would achieve the "segregation of non-core business of the company into a separate listed company" and also "segregation of the core sugar business of the company carried out in Bihar and UP into separate companies and consolidation of the same with similar business carried out by Oudh Sugar".

In a separate filing, Oudh Sugar said the board approved the demerger of its non-core food processing and investment business undertaking to Palash Securities.

It would transfer the food processing business undertaking from Palash Securities to its 100 per cent subsidiary Allahabad Canning. Oudh Sugar would transfer its Bihar sugar business to its 100 per cent subsidiary Vaishali Sugar, which will be merged with Magadh Sugar.

The board also approved the merger of sugar business in UP of both Oudh Sugar and Upper Ganges with Avadh Sugar.

The restructuring scheme is subject to the approval of shareholders and creditors of both Oudh Sugar and Upper Ganges as well as sanction of Allahabad High Court.

Upon the scheme becoming effective, shares of Palash Securities, Ganges Securities, Magadh Sugar, Avadh Sugar will be listed on BSE and NSE.

Upper Ganges has 3 sugar plants, one distillery and two power co-generation facilities, while Oudh Sugar has 4 sugar plants, 2 distilleries and 3 power co-generation facilities. K K Birla's group of sugar companies have their corporate headquarters at Kolkata.

Oudh Sugar Mill stock price

On March 13, 2015, Oudh Sugar Mills closed at Rs 17.25, down Rs 0.6, or 3.36 percent. The 52-week high of the share was Rs 29.95 and the 52-week low was Rs 15.15.


The latest book value of the company is Rs -18.73 per share. At current value, the price-to-book value of the company was -0.92.


Anda sedang membaca artikel tentang

KK Birla group cos announce rejig, to hive off non-core biz

Dengan url

http://gayafashionshow.blogspot.com/2015/03/kk-birla-group-cos-announce-rejig-to.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

KK Birla group cos announce rejig, to hive off non-core biz

namun jangan lupa untuk meletakkan link

KK Birla group cos announce rejig, to hive off non-core biz

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger