De-merger update: The scheme of arrangement between Sujana Metal Products Ltd (SMPL) and Sujana Towers Ltd (STL) and the amalgamation of Sujana Steels Ltd (SSL) with SMPL has been approved by the requisite majority of their shareholders..The current paid up equity share capital is Rs 388.3 mn of SMPL consisting of 38.83 mn equity shares of Rs 10 each which will be split equally between STL and SMPL. Simultaneously, the face value of equity shares of STL and residual SMPL will be reduced to Rs 5 paid up shares each.
The court hearing was on the process with the company for last one month asking for clarification. With clarification being over now the court has not asked any further clarification and management expects to get written order for de-merger sanction within 15-20 days. This decision of court will help company to focus its attention separately and enlarge value for investor.
The court hearing was on the process with the company for last one month asking for clarification. With clarification being over now the court has not asked any further clarification and management expects to get written order for de-merger sanction within 15-20 days. This decision of court will help company to focus its attention separately and enlarge value for investor.
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