Rane Engine Valves Ltd to demerge manufacturing unit and merge other business with Rane Holdings Ltd

Rane Engine Valves Ltd has announced that the Board of Directors of the Company at its meeting held on August 20, 2007, has taken the following decisions:

1. The manufacturing undertakings of the Company would be demerged into a new manufacturing Company with appointed date as April 01, 2007. The equity shares of the new manufacturing Company will be listed on the Stock Exchanges.

2. The residual non-manufacturing business of the Company would be merged with Rane Holdings Ltd (RHL).

3. In consideration of the above, for every 100 shares held in the Company, the shareholders would be allotted shares as under:

a. 100 shares in the new manufacturing Company and
b. 56 shares in Rane Holdings Ltd.

4. The above restructuring would be effected through a composite scheme of arrangement to be filed before the Hon. High Court of Madras.

Source : Equity Bulls

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