Futura Polyesters to issue Innovassynth Technologies share to shareholders

Futura Polyesters Ltd has announced that the Board of Directors of the Company at its meeting held on January 30, 2007 has approved, subject to the approval of the Bombay Stock Exchange and other authorities a Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956 between the Company, its shareholders and Innovassynth Technologies (India) Ltd., ("Innovassynth").

The Company holds 2,30,50,070 equity shares of Rs 10/- each in Innovassynth. Innovassynth is engaged in the business of Custom Synthesis, Contract Chemicals, Contract R&D and Specialty Chemicals. Under the proposed Scheme the Company will offer the entire equity shares it holds in Innovassynth at a price of Rs 10/- per share to those members whose names will appear in the Resister of Members as on the Record Date (to be decided in con with, the Bombay Stock Exchange). It is also proposed, under the Scheme, to list the shares of Innovassynth in the Bombay Stock Exchange, subject to required approvals.

Further the Company has informed that, as per the Scheme, for every 23 equity shares held in the Company, the shareholders of the Company will be offered 10 equity shares in Innovassynth. After obtaining the approval of Bombay Stock Exchange and other concerned authorities, the Scheme will be filed in the Bombay High Court.

Source : Equity Bulls

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