ITC, diversified conglomerate has received its board’s approval to demerge Non-Engineering Business comprising Safety Matches Business and Agri (Forestry) Business of Wimco, a subsidiary of the company and subsequently merge the non-engineering business with itself. This is according to the related Scheme of Arrangement between Wimco and the ITC.
The Scheme, which is subject to approvals as necessary, will take effect from April 01, 2013. Upon the Scheme becoming effective, the Members of Wimco will be entitled to 2 Ordinary Shares of Re 1 each of the company for every 77 equity shares of Re 1 each of Wimco held by them on such date as may be determined.
ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
