DCM has received its board’s approval for restructuring of its business including demerger of real estate business. The board at its meeting held on October 15, 2016 approved the de-merger of real estate undertaking of DCM and merging it into DCM Realty and Infrastructure.
The company’s board also approved amalgamation of TIARA Investment Holdings into Purearth Infrastructure. The amalgamation of Purearth Infrastructure into DCM Realty and Infrastructure will after the above mentioned moves are carried out.
Further, the company’s board approved the demerger of cotton textiles business of DCM to DCM Nouvelle, such that post demerger shares of DCM Nouvelle will be held by shareholders of DCM in the same proportion as their shareholding in DCM.
The shareholders of DCM will get one equity share of Rs 10 each of the DCM Realty and Infrastructure and DCM Nouvelle for every one share held by them. DCM Realty and Infrastructure and DCM Nouvelle will list on the stock exchanges.
DCM is one of India’s largest conglomerates into a number of manufacturing activities such as Textiles, Sugar, Chemicals, Rayon, Tyre Cord, Fertilizers, Information Technology and Engineering Products etc.