Kamdhenu’s paints business has been demerged into a separate entity following an order of the Chandigarh bench of the National Company Law Tribunal (NCLT). Post demerger, Kamdhenu will continue to focus on steel business, while Kamdhenu Ventures will expand the paints business. Kamdhenu is now looking to complete the listing process of newly-formed company in the July-September quarter.
NCLT, Chandigarh has approved the Scheme of Arrangements including demerger of paint business. The judgment will pave the way for listing of Kamdhenu Ventures, the holding company for the paint business namely Kamdhenu Colour and Coatings, by the next quarter on the BSE and NSE. Under the scheme, the company would be issuing one equity share having face value of Rs 5 each of Kamdhenu Ventures against every existing equity share having face value of Rs 10 each of Kamdhenu on a mirror shareholding basis. As per the scheme, which was approved earlier this month, the ownership structure of Kamdhenu Ventures after listing will be precisely the same as that of Kamdhenu. The decision to hive off the paint business is aimed to decouple the paint business.
Kamdhenu is the largest manufacturer of international quality Steel Bars in India. The product range of the company includes TMT/HSD Bars, Structural Steel, Wirebond, Plywood, PVC Pipes, etc. The company also in the business segment of power, steels, paints.
