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Zuari Industries gets approval for the scheme of arrangement/demerger

25 May 2011 Evaluate

Zuari Industries has received an approval for the proposed scheme of arrangement/demerger with Zuari Holdings, under the provisions of Section 391 to 394 of the Companies Act, 1956. The company received the approval same at its board meeting held on May 24, 2011.

The arrangement/demerger shall be subject to the approval of the shareholders and sanction of the scheme of arrangement/demerger by the High Court of Bombay at Goa.

Further, the appointed date of the arrangement/demerger is July 01, 2011. Upon completion of the arrangement/demerger, the shareholders of Zuari Industries will receive one fully paid equity share of Rs 10 each of Zuari Holdings for every share held by them in Zuari Industries, on record date to be fixed by Zuari Industries.

Zuari Industries has registered growth of 6.32% in its net profit for the current year, 2011 at Rs 166.88 crore as compared to Rs 156.96 crore for the previous year. Its net sales/ income from operation have increased by 29.11% at Rs 5522.83 crore for the year under review from Rs 4277.55 crore in previous year.

On consolidated basis, the group’s net profit for the year has down marginally by 2.40% at Rs 247.52 crore as compared to Rs 253.61 crore for the previous year. Net sales/ income from operation for the year under review have increased by 23.19% at 7598.79 crore as compared to Rs 6168.60 crore for the previous year.

Zuari Industries Share Price

271.85 6.10 (2.30%)
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