Hon'ble High Court of Andhra Pradesh sanctions Scheme of Arrangement of GMR Industries

GMR Industries Ltd has announced that the Hon'ble High Court of Andhra Pradesh has sanctioned the Scheme of Arrangement between Bharat Sugar Mills Ltd, the Company, GMR Ferro Alloys & Industries Ltd, subject to an amendment. The amendment to the Scheme is to incorporate the terms of redemption of preference shares, to be issued and allotted to the preference shareholder(s) of the Company, by GMR Ferro Alloys & Industries Ltd.

Further the Company has informed that, the said Scheme of Arrangement comprises:

Section A - deals with the amalgamation of Bharat Sugar Mills Ltd with the Company.

Section B - deals with the demerger of the Ferro Alloys Undertaking of the Company to GMR Ferro Alloys & Industries Ltd.

The High Court has approved the Scheme of Arrangement with the modification that the preference shares shall be redeemed by the Companies within the maximum period of 20 years as indicated in the Companies Act, 1956.

The Companies shall abide by the original terms of redeeming it within 8 years of issue.

Source : Equity Bulls

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