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Clutch Auto gets approval for scheme of arrangement/demerger

30 May 2011 Evaluate

Clutch Auto has received an approval for the scheme of arrangement/demerger of its Auto Ancillary Technology Division (including NMITLI project) to be demerged to C A Clutch Vision, the resulting company. Pursuant to demerger scheme and approval of the High Court of Delhi, C A Clutch Vision shall take necessary steps for listing. The company has received an approval for the same at its board meeting held on May 28, 2011.

The appointed date of the arrangement/demerger is March 31, 2011. Upon completion of the arrangement/demerger, the shareholders of Clutch Auto will receive twenty fully paid equity share of Rs 10 each of C A Clutch Vision, for every hundred fully paid equity shares held by them in Clutch Auto, on record date to be fixed by Clutch Auto.

Clutch Auto is India’s largest clutch manufacturer and exporter. It is also the largest supplier of clutches to the commercial vehicle and tractor segment in India. It also caters to the passenger vehicle and replacement demand.

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