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Our Bureau

Mumbai , Dec. 13

SIMPLEX Mills Co Ltd has informed the Bombay Stock Exchange that the company board on Monday approved a scheme of arrangement to restructure its textile, paper and realty businesses.

The salient features of the scheme are to demerge its paper division, as a going concern, into Simplex Paper & Pulp Ltd (Simplex Paper) with effect from October 2, 2004; demerge the textile division, as a going concern, into Gaalaxy Garments Pvt Ltd with effect from October 2, 2004; the assets and liabilities of the paper and textile divisions be transferred at their fair values; and, post-demerger the company will continue to hold the company's realty business.

For every 43 shares held by them in the company, shareholders will receive 22 equity shares of Rs 10 each of Simplex Paper and 22 equity shares of Rs 10 each of Gaalaxy.

More Stories on : Restructuring | Textiles | Paper | rd & Newsprint

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