Man Industries to demerge its aluminium division
Man Industries India Ltd will de-merge its aluminum division of the company into a separate entity.
By PTI |
MUMBAI: Man Industries India Ltd will de-merge its aluminum division of the company into a separate entity.
The board of directors at its meeting on July 29 approved the de-merger scheme of the company wherein one equity share of Rs 10 each of the new company would be allotted for every eight equity shares of the same value of Man Industries, the company informed the Bombay Stock Exchange.
The scheme of de-merger would be subject to shareholders approval, the High Court of Mumbai and all other requisite permissions, sanctions.
The board also took note of the commencement of power generation at the 2.5 MW wind power project at Kutch in Gujarat on July 10, this year.
Man Industries is a manufacturer of submerged arc welded (SAW) pipes and coating systems for high-pressure applications like transportation of oil, gas and other petrochemical products.
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The shares of the company were trading at Rs 176, up 3.04 per cent at the BSE.Start a SIP with as low as ₹500 with ET Money App!
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